Do you use Google Ads for your real estate business? If you answered yes, it’s important that you pay attention to the new policies Google announced recently. After all, it could have an impact on your real estate marketing campaigns. Keep reading to find out how these new Google Ad changes might impact your marketing plan in the future.
Most likely everyone has received a telemarketer call or two in the past. Perhaps it was your favorite brand of coffee or running shoes—companies you are most loyal to—and maybe they had a great offer you couldn’t pass up. In that case, you were likely excited to have received that message with their promotional offer.
But if you received a call from that Whats-Its-Name brand of something you’ve never purchased, you may have been annoyed. And if that call or text message was sent without your consent, it may have been a Telephone Consumer Protection Act (TCPA) violation.
Did you know that the TCPA rules that apply to phone calls may also apply to text messages?
In many cases, they do.
Before you run your next campaign, familiarize yourself with the restrictions and avoid unwanted consequences from violations.
Telephone Consumer Protection Act
In case you haven’t heard of it, the TCPA was enacted in 1991. It was designed to protect consumers by restricting unwanted telephone solicitations initiated using automated equipment, such as automatic dialing systems, recorded messages, and fax machines. It also prohibited companies from calling residences before 8 AM or after 9 PM local time and required them to not call numbers listed on the National Do Not Call Registry.
Today, these calls are commonly referred to as robocalls, but the restrictions are still the same.
To avoid violations, businesses have been required to obtain consent before telemarketing to customers, prospects, or consumers. Those companies not obtaining consent are at risk of penalties which can cost hundreds, if not thousands of dollars or worse.
Consumers looking to stop these unwanted calls have gone as far as suing businesses claiming the solicitation received was without consent. This leaves responsibility for proof to the business being sued.
In more recent rulings, the Federal Communications Commission (FCC), who enforces the TCPA, interpreted text messages as equivalent to robocalls. Because of this, text messages are often subject to the same rules and restrictions. While calls can be ignored and left unanswered, text messages remain stored on the recipient’s phone until deleted, even if unread. This further fueled the argument of extending restrictions to text messages as well.
A case in 2018 cited a retail store that placed an ad for a coupon promotion. Consumers were instructed to text “save” to the advertised number to participate, which the plaintiff did. In return, she received two texts, a welcome message and a coupon, which she expected. When a third text was received a month later, the plaintiff claimed she did not give consent, stating she did not explicitly sign up for a sales promotion program.
So how does a company utilize technology and avoid risk of violating regulations?
Simply put, marketers must start by obtaining consent.
Consent is required before initiating a phone or text message marketing campaign.
There’s no doubt, today’s technology has revolutionized marketing in ways businesses never envisioned when the TCPA was enacted decades ago. Today’s brands have a greater potential reach than ever before thanks to automated systems including phone calls and text messaging. However, a balance between protecting consumers and marketing innovation means understanding restrictions and complying with the laws in place.
According to the FCC, prior written consent is a written agreement between the sender of the message and the receiver of the message.
To avoid TCPA violations, businesses must not only be diligent about obtaining consent, they must also document it and retain such records in the event that proof is required. And the rules are the same, regardless if the recipient is a consumer or the wireless number is used for business.
Best Practices & Compliance Solutions
Marketers should not only follow best practices in obtaining consent, they should also consider establishing their own internal policies in handling special circumstances or exceptions. Here are some examples of best practices.
- Written consent should be detailed and thorough.
- Consent should clearly state the company and/or brand that will be the sender of the telemarketing communication and note the method, such as automated phone calls and/or text messages.
- Documentation should include the phone number provided by the recipient at the time consent was given.
- Electronic consent must require the recipient to consciously choose to opt-in by selecting a button or checking a box authorizing participation.
- Consent must also include the recipient’s signature electronically if done online, or in paper form if written.
- Documentation should clearly state that the communication sent will be for marketing or promotional purposes, and that participation is not a condition of any purchase.
- An opt-out option must be made available with clear instructions for the recipient to exercise, if they so choose.
- Consent should be date and/or time stamped as part of the supporting documentation.
Defining A Clear Policy For Your Business
Compliance with the TCPA can be complex for marketers especially if text messaging is part of their plan. Experts suggest defining a clear policy. A few categories to consider include:
Hours of Telemarketing Operation
Establish hours for automated phone calls or text messaging and ensure they are within TCPA guidelines as well as within local or state laws. Some municipalities have stricter time restraints than the TCPA has identified.
Be conscious of the location of your recipient to ensure compliance.
Do Not Call Listing
In addition to not calling/messaging numbers that are registered on the Do Not Call Registry, messaging should cease following a recipient who has unsubscribed.
Consider developing an internal list of those recipients that have unsubscribed as your internal Do Not Call List and have a written policy on the procedures should you ever be asked for it.
One of the easiest things you can do is provide clear “opt-out” instructions in your messaging. A simple, “Reply STOP to unsubscribe” comment is universally used and understood. More importantly, it is a common language most automated systems recognize.
Without instruction, the recipient may opt to use alternative terms your system may not understand. If the unsubscribe command fails and you continue sending messages, you will be in violation of the TCPA. The FCC has previously ruled that recipients can revoke consent at any time and using any reasonable means.
Consider having a procedure to validate data, if you do not already have one in place.
On a daily basis, approximately 100,000 numbers are reassigned by wireless providers. Imagine having gained written consent from a recipient only to learn later they gave up their number which was reassigned to someone else. If this new owner does not provide written consent, calling or sending them messages would be in violation of the TCPA.
Then there are the numbers that are simply disconnected. While calls made to disconnected numbers receive a message, text messages do not.
Avoid Known Plaintiffs
While not every recipient will file a lawsuit for TCPA violations, many do. There are hundreds of companies who have already faced class action suits from consumers. Removing these plaintiffs from your system would be highly recommended, if you can identify them.
State of Emergency
State laws often prohibit messaging during a State of Emergency. Since this may vary from state to state, it is best to learn the laws in the area.
Exclusions & Exceptions
With the long list of rules and restrictions, it seems unusual that any exceptions would apply—but there are a few exceptions. Let’s look at these real quick.
If your messaging is considered informational and does not contain any marketing information, it will not be in violation. An example of that would be a service-related communication or a notification of a delivery.
However, once that service or delivery has been completed, communication should cease.
As with informative messages, provided the content does not contain any marketing information and would include legitimate emergency information, it would not be in violation. Examples would include service interruptions, medical issues, or those related to safety.
Individual manual calls made, or texts sent are excluded from the TCPA. Remember, the TCPA only governs calls or messages made using automatic dialing systems. Picking up the phone and calling direct would be compliant.
The recent pandemic has given many companies a chance to pause, reflect on their success, strategize their future, and appreciate their staff. Doug, RealEstateInvestor.com’s integrator, did just that in a recent global team meeting. Read on to learn more about our new and improved vision for the future.
Earlier this year Gary Boomershine and Robert Syfert joined forces in a powerhouse merger driven by a unified vision to build the “complete solution” for serious real estate entrepreneurs who want to scale their business faster without sacrificing their time freedom. And during their recent global team meeting where a new Integrator stepped up, the company is further proving that they’re well on their way to do just that.
One Family, One Mission.
When two visionaries, an integrator, and an outstanding group of talented people get together, you ignite an unstoppable team, and a world class organization is born.
When Doug Lewis stepped into his position at RealEstateInvestor.com, he saw something much bigger than a products and service supplier for serious real estate investors. He saw People, Innovation, and Accountability, RealEstateInvestor.com’s core values.
The recent pandemic has given many companies a chance to pause, reflect on their success, strategize their future, and appreciate their staff. Doug, RealEstateInvestor.com’s integrator, did just that in a recent global team meeting.
Doug Lewis, who has been a firestarter with RealEstateInvestor.com since its inception, has emerged as integrator of the company’s core missions. In a recent global team meeting, Doug shared his vision of RealEstateInvestor.com’s future. The conversation was both informative and heartwarming, a true depiction of both Doug and the company’s transparent culture.
“We are on a journey to revolutionize the real estate investor industry.” – Doug Lewis shares when talking about the future of RealEstateInvestor.com.
According to Doug this journey begins with clarity. And with that, three key focuses were unveiled.
Three simple, yet powerful words that will guide RealEstateInvestor.com in everything from hiring personnel to recruiting members, and in considerations for future products and services.
People first because people matter.
RealEstateInvestor.com’s most valuable asset is people. RealEstateInvestor.com is more than a group of talented individuals.
“It takes everyone across the board. And it wouldn’t be possible without everyone and without us living up to our core values, no matter what you do.” Doug shared.
According to Doug, RealEstateInvestor.com is a family. And when family is in need—regardless of what kind of need it is—RealEstateInvestor.com is there.
“You are my brothers and sisters, my friends, my family. If any one of you has pain, we are here. It is our core value that our family is taken care of.” Doug, reinforcing People First, which is one of RealEstateInvestor.com’s core values.
Doug reinforced the RealEstateInvestor.com family does not stop at those employed by the company. Family includes everyone RealEstateInvestor.com touches—customers and their customer’s customers, too.
Dedicated to Innovation.
With visionaries who are also investors, RealEstateInvestor.com’s leaders have a keen understanding of what is necessary to be successful in the market today, as well as what lies ahead, tomorrow. After all, it was their vision that set RealEstateInvestor.com apart in the first place.
What differentiates RealEstateInvestor.com from others is our world class CRM system combined with our Done-For-You-Service offerings. Our streamlined systems allow investors to focus on what is most important to them—closing deals. Having options for the experienced investor as well as the beginner, RealEstateInvestor.com has proven to be a leader in the real estate investment industry.
And we look forward to what the future holds.
Knowing what you are accountable for is critical.
Getting the job done often requires working as a team. No one is stuck in a single swim lane, according to Doug, who openly encouraged delegating work upward—to himself or RealEstateInvestor.com’s visionaries—when needed.
Unlike traditional companies where work only flows downward, RealEstateInvestor.com works together for the success of the team. At RealEstateInvestor.com, titles don’t matter— Roles do. This unique approach of putting the right people in the right roles is, in part, the philosophy of EOS—a strategy RealEstateInvestor.com has adopted which has allowed RealEstateInvestor.com to put quality and user experience at the utmost of importance.
“We will never sacrifice quality or user experience.” – Doug Lewis talking about the importance of customers.
Understanding their role and knowing they have the support of leadership and team members alike, individuals at RealEstateInvestor.com can flourish. In turn, reinforcing the RealEstateInvestor.com powerhouse.
Living the life you want to live.
At the end of the day, we all want a better life, according to Doug, who was thankful for what he has today. RealEstateInvestor.com makes that a viable option for real estate entrepreneurs and their global team.
And with our RealEstateInvestor.com family—our leaders, team members, customers, and customer’s customers—we can do just that.
People, Innovation, and Accountability. That’s what RealEstateInvestor.com is all about.
You’re ready to invest in your next property. You spent hours comparing your lists, sorting records to find leads. You drafted your letter and spent thousands of dollars on a mailing only to hear crickets in return.
Not to our customers!
At Property List Manager, we’ve helped our clients reduce their marketing costs by 97%!
Seems unbelievable but it’s true.
Our cloud-based property list stack filtering platform pinpoints leads with a higher probability of wanting to sell their home fast. And our fulfillment service has helped thousands of real estate investors save time and money.
Imagine having a tool at your fingertips that makes finding motivated sellers easier?
You may think an absentee owner is motivated to sell, and perhaps they are. But an absentee owner already in pre-foreclosure and delinquent on their taxes is highly motivated!
What if you sent out 30 letters and got 4 phone calls?
That’s what our customers have experienced using Property List Manager. Without our system, you could send 10,000 letters and hope for that same response.
Our list stacking tool is simple, easy to use, and delivers fast results by helping you to identify overlapping markets and find those truly motivated sellers.
What’s list stacking and filtering, and why do you need it?
List stacking is an innovative method of filtering and managing your properties that helps you identify only the most highly motivated sellers across all your lists.
Simply import your lists, stack, sort, and then filter the leads across all of your lists in one place, at one time.
With advanced algorithms, Property List Manager allows you to stack lists, map fields, and filter out properties using dozens of criteria.
Targeted leads specific for you!
We validate addresses upon import, remove duplicates, and check for vacancies on the USPS system. Best of all, we recheck for vacancies monthly, providing up-to-date leads when you need them.
No more sending letters to bad addresses or stressing over spreadsheets that require expert Excel skills.
With Property List Management, you don’t have to be tech savvy.
And there’s no more throwing darts at a blank wall.
But that’s not all!
Once you have targeted your most profitable leads, we can help you send personalized Postcards and Letters, Email and Phone Append, DNC Scrubbing and even Skip Tracing at special members-only wholesale rates. Special rates that beat out most of our competitors!
Still not sure if you really need a list stacking filtering program?
Go ahead…do it the old-fashioned way….
Become an Excel expert. Manually sort, filter, and purge records. Or send letters to everyone on your list and hope for results.
You have all of the time in the world, right?
Not if you’re like most of us real estate investors! Time is money.
Sure, you can do it all yourself… But why not let us do the $10 per hour tasks so you can focus on the $10K per hour job of closing deals and signing contracts?
We offer three convenient, economical packages to fit your business needs.
As a member you get…
- Address validation
- Vacancy checking, and rechecking monthly using USPS system
- Absentee filter for those owners not living at the property
- Mailing fulfillment service
- Skip tracing below market rates
- Monthly live webinars where you can gain tips, tactics, and hacks to turbo charge your marketing
- Inclusion in a private Facebook group to share ideas, get trade tips, and brag about your successes
- Did we mention that we have the hottest pricing on Skip Tracing out there? Our PLM members are seeing MASSIVE SAVINGS here over other service providers they’ve used in the past! (As low as 12 cent skip tracing, 4 cent phone and email appends, and 1 cent DNC scrubbing.)
Stop spending endless hours searching for that needle in a haystack.
With Property List Manager it’s simple and easy to use, saving you time and money. Map and import your lists, then stack, sort and filter your addresses to laser target your highest motivated leads. Export to Excel or reach out to your list right inside Property List Manager.
Get started now.
You deserve it!
As a kid, I heard the phrase “save for a rainy day,” every time I wanted to spend my allowance on candy. I’m sure I wasn’t alone in hearing this common statement, and boy oh boy were those adults right….
But the truth of the matter is that Americans have more debt and less cash reserves today than ever in our history.
According to studies, only 40% of Americans can afford a $1,000 emergency, and 78% of us live paycheck to paycheck. With over $14 trillion in consumer debt, it’s no wonder that many Americans have little or no cash reserves.
The recent pandemic crisis reinforced the need for Americans, and businesses, to have cash reserves for these “rainy days.”
Financial experts have recommended having a savings of at least three, and preferably, six months on hand. This would allow you to pay bills and afford your mortgage should you lose your job unexpectedly.
The same holds true for businesses…
According to a 2016 study by JP Morgan Chase, only half of all small businesses hold cash reserves to support them for 27 days. With the recent economic situation, 21% of these businesses would fail without some sort of government relief.
Is Your Business Able To Weather An Economic Storm?
As a real estate investor, you may not think cash reserves are necessary or even possible. After all, real estate is a cash-intensive investment. To purchase properties, you need cash. Any cash on hand is utilized for the next investment.
Even with no-cash down deals, properties may need to be repaired or upgraded which will require the cash you have. Seems virtually impossible to have reserves. But having a financial strategy that includes a cash reserve is critical for times like these.
Many real estate investors have the mindset that their investments are separate from each other. In reality, they should see themselves as a Real Estate Investment Company with a portfolio of properties. And like all companies, real estate investment firms, need cash and cash equivalents to be sustainable during tough economic times.
Experts suggest having 5-10% of your assets in cash or cash equivalents. As your portfolio grows, your risk will be diluted by being spread across more properties. Your cash percentage could then drop slightly, though you should aim to cover basic expenses for a period of three to six months.
If you’re having trouble building this type of emergency fund, then I highly recommend you shift your real estate investment strategy to wholesaling. Wholesaling is a strategy we love here at RealEstateInvestor.com since it mitigates your risk as an investor, and the barrier to entry is much less than purchasing a property outright.
We help real estate investors build successful and sustainable businesses around wholesaling all the time.
Don’t take my word for it, read their stories here:
Real Estate Opportunities Explode For Young Investors: How RealEstateInvestor.com Helped This 21 Year Old Launch A Successful Real Estate Investing Business Around Wholesaling.
By working a wholesaling strategy, you can set aside a percentage of each deal to build up the cash reserves necessary to be prepared for economic storms.
But first, let’s finish talking about building your cash reserves…
Where Should You Start When Trying To Build Cash Reserves?
So now that you understand the importance of building cash reserves, where do you start?
The idea of starting from nothing can seem daunting. Saving can be difficult for many people. To be successful, you must be willing to defer gratification.
What does that mean?
It means you don’t buy that sports car or take that exotic island vacation. Resist the temptation to reward yourself and learn to live frugally.
Imagine your employer gave you a $5,000 raise. If you were living a comfortable lifestyle before this pay increase, there’s no need to change anything. Skip the expensive jewelry and designer suits. Save your extra earnings and you’ll be on your way to having cash reserves.
If you don’t have any savings today, you must first start with an emergency fund. Save $1,000 to $2,000. Then pay off bad debt such as high-interest credit cards that drain your income each month and give you nothing in return.
Lastly, start saving and investing. Once you have some cash saved, consider investing in money markets or other cash equivalents that you can liquidate quickly when needed, yet still earn you a small return.
If financial freedom is a top priority for you….
Financial Freedom is incredibly important to me, and as such, I always advocate real estate investors building their emergency funds first before starting to invest in real estate.
When it comes to putting the cash into building your business, there’s no getting around the need to invest in things like marketing, lead generation, and the systems and services you need to operate your business wisely.
But, remember being cash poor at the beginning of your investment career is expected, but it should not be a permanent way of life.
Recognize that establishing cash reserves may take time. But you need to be proactive with your financial decisions and follow your business plan
If you do this and act wisely, soon you will have the reserves needed for that next rainy day.
Seems hard to believe the global economy could be shut down overnight…Yet it happened.
There’s no wonder then why people are speculating about how the future will look when it comes to anything related to the housing market. We recently weighed in on this in our article titled— Should You Invest In Real Estate Post Coronavirus?
Today, we want to look at what the future of the ibuyer movement looks like after Covid-19, and how this will impact real estate agents and investors alike.
Let’s dive in…
The Growing iBuyer Movement
When iBuying companies like Redfin and Zillow ceased purchasing homes a few months back, we weren’t surprised. Suddenly they had excess inventory on hand and the market had fewer buyers. Home sales took a downturn. So did home listings. Consumer confidence had fallen to the lowest level since 2011, according to Fannie Mae.
Even though iBuyers represented a small portion of the real-estate market, that share has been growing steadily over the past several years.
While some real estate authorities perceive the iBuyer movement to be negative, we prefer to look at it as a tide shifter. Especially when it comes to the perceived value of below market cash offers.
With the rise of the iBuyer movement, homeowners have been becoming steadily more receptive to the value that instant cash offers provides them with over that of a traditional listing.
There are many benefits to taking a below market cash offer, including flexible moving terms, a guaranteed sale, not having to make necessary repairs, and not having to maintain a show-ready home during the selling period—or during a pandemic—to name just a few.
If these benefits ring a bell or if they sound familiar it’s because these are the same benefits that real estate investors like us have been offering sellers for years. The iBuyer movement is simply making this more recognized on a broader scale, bringing many of the traditional sellers into the fold, whereas real estate investors typically are in the business of helping sellers in need.
With that all said, the coronavirus pandemic is still hanging around, and talks of second and third waves remain in the headlines. While it’s still a bit shaky for many, people are still moving and that means the iBuyers are back in play.
iBuying Firm’s Return To The Market In Time For The Summer.
It’s the summer and the buying and selling season has already restarted despite the ever-shifting societal climate. Alongside it, the big iBuyer firms have resumed their programs. Which is a reminder that if you’re not in the game right now, you need to jump back in asap.
There’s no guarantee when it comes to the speed of economic recovery in our nation, but we do see signs that Americans are re-entering the housing market. Buyer demand is on the rise and with inventory levels down 25% year-after-year, many real estate entrepreneurs, including the big iBuyers are ready to take a risk again.
While listings are down, buyer inquiries are still going strong despite the coronavirus sticking around. In fact, buyers now have more online tools than ever to help them tour homes, making the starting point easier than ever before. And since the big firms are back in play, that’s further proof that buyer demand is likely going to continue it’s rise…
What’s Driving Housing Demand Right Now?
Owning a home has been the American dream since well before the iconic jingle, “baseball, hot dogs, and apple pie.” Many people aspire to homeownership, but not everyone can afford it. The recent pandemic and rise in unemployment may make ownership unattainable especially for those most impacted.
Experts agree there has already been an affordability issue. Markets like New York and San Francisco are expensive, making ownership virtually impossible for the working class.
As a result, we have already seen a movement out of major cities.
Besides consumer wariness about living in close quarters, the coronavirus outbreak has seen an acceptance in employees working-from-home.
Employers that previously refused this flexibility were forced into allowing it when offices were shut down. Now they are seeing productivity from employees without having to lease office space. If employers continue to allow staff to work-from-home, employees will no longer need to live in expensive cities and pay premium prices for housing.
With people moving to less expensive markets, housing demand will increase.
What about secondary markets like vacation rentals?
This market has already been significantly impacted. We talk about the impact of the coronavirus pandemic on vacation rental owners in this article here.
In short, the vacation rental market was largely built on the ability for owners to have someone else pay their mortgage(s). Websites like Airbnb and VRBO put renters in touch with owners, making ownership desirable. But when travel halted, investors without reserves to weather the storm, were immediately affected. These owners may be looking to liquidate. They could easily look to iBuying websites to help them unload properties fast.
Does this mean that iBuying websites will be more popular post pandemic?
With fewer in-person interactions, you could reasonably assume iBuying options would become more popular than the traditional selling process. But according to some experts and some of the recent moves by big iBuying Firms, that may not be the case…
While homeowners may be more anxious to sell, especially if they were financially impacted by the pandemic, offers from iBuying firms may not be as high as in the past. This might make those lower offers less appealing to sellers under normal circumstances, unless they have a personal need to move out quickly.
In this case, iBuyer Firms could be looking at fewer sellers overall, especially if they were targeting the average homeowner.
This doesn’t mean they’re in trouble though. Like most big businesses, they have an uncanny way of adapting to new market changes…
How The Big iBuyers Are Adapting To A Post Coronavirus Market.
Companies are in business to make a profit. If the market poses a risk to investors who plan to resell quickly, these projected costs will need to be calculated into their offer.
According to Redfin CEO Glenn Kelman, homeowners could see lower offers from iBuying firms. Planning for a greater margin of error than the pre-coronavirus era is necessary, and iBuyers will be more cautious. It’s one thing to take a loss on a single home but having hundreds of properties in the same market could be financially detrimental.
But, lower offers aren’t the only expected change…
These iBuying firms may be more selective in what they opt to purchase as well.
Properties with extensive repair needs may be passed up. Structural problems, asbestos, or mold could take months to be fixed before the property could be resold. This not only adds costs for maintenance, but leaves the iBuyer firm vulnerable to the market when the property is finally ready to be listed. This is not a risk iBuying firms will likely be willing to take moving forward.
That’s not all…
There’s another significant move that some of the biggest iBuyers are making in this post pandemic marketplace…
Two Big iBuyers Launched Traditional Brokerage Listing Services…
While many iBuyers are shifting their strategies and instituting new features in this ever changing marketplace, two of the biggest iBuying firms launched traditional brokerage listing services recently. This has been a pretty lowkey move and a telling sign of what’s in store…
While it hasn’t gained a whole lot of attention, both Offerpad and Opendoor launched their own traditional brokerage listing services recently.
You might be wondering why these big firms would take the traditional route…
By taking measures to merge their digital services with a traditional service, these big iBuying firms are able to cover even more ground in the real estate marketplace. And now that they can make any of the moves that traditional real estate brokers can make, their competitive advantage is only going to keep on growing.
What does this mean to you?
More Than Ever, Real Estate Agents Need To Compete Or Be Eaten Alive By These Mega iBuyers…
We’ve seen it happen time and time again. From big box stores to online mega retailers, the road to growing and dominating a competitive marketplace can become a battlefield. But you don’t have to be a casualty of war when it comes to playing the real estate game.
How do small businesses and individual entrepreneurs maintain footing when the giants start paving over everyone in their way?
They fight back. In this case, they stay relevant and stay ahead of the curve.
That Means You Need To Adapt Your Strategy.
As iBuyers move into the traditional world, real estate agents are going to have to fight even harder for their share of the marketplace. Our Managed Service solution can help you stay ahead of the curve.
We’ve helped real estate brokers and agents build and manage their iBuying businesses without having to sacrifice their time or their traditional business model. In fact, we can even help realtors get more qualified traditional leads in the door.
Sounds too good to be true? Let us prove it.
More than ever you have to stay one step ahead and keep your eyes open to opportunities. We’ve helped powerhouse real estate agents and brokers like Erik Hatch of Hatch Realty and Jeff Cohn of kwELITE with their iBuying platforms. And we want to help you.
Learn, Take Action, Adapt, and Succeed.
If you want to learn more about the iBuyer movement and the value of adding a “done for you” iBuyer platform to your real estate business, we invite youto read this interview with Erik Hatch about offering sellers a first class selling experience, and this interview with Jeff Cohn on why real estate agents should be in the business of offering solutions.
At the end of the day…
The big iBuyer firms are in full swing AND they’re adapting.
To say Gary Boomershine, founder of RealEstateInvestor.com, is passionate about real estate is an understatement. We were fortunate enough to talk with him today about his predictions for the future of the real estate market and the seven-year cycle.
Is now the time to buy?
It’s a question Gary has heard hundreds of times. Before responding with a simple yes or no, Gary noted fundamentals to consider when making a purchase decision. The old “keep it simple” adage is not new to real estate and is a concept Gary recommends when it comes to investing in real estate.
It’s as simple as this: You want to buy low, sell high, and not lose your investor’s money. – Gary Boomershine shares.
When considering a real estate purchase from an investment or wholesale standpoint, Gary warns not to fall in love with the property. Instead, fall in love with the cash flow.
He suggests keeping in mind the three buckets of cash:
- Cash Now
- Cash Flow
- Cash Later
The “Cash Now” Bucket
Many investors think there is only one bucket, Cash Now, which is the immediate or short-term return on your investment.
Common examples of Cash Now deals include wholesaling and house flipping which is buying, fixing, and selling a home for a profit. “Cash Now” refers to the transactional profit that’s made during a quick turnaround investment deal.
Cash Now deals are great. They can be lucrative, but as a one-time transaction payout, this is really just a JOB investors do. There’s no long term revenue associated with this bucket. – Gary shares.
Cash Now deals are one of the most common strategies that real estate investors employ in today’s market. But Gary strongly recommends that real estate investors not focus on this cash bucket alone. Instead, they should ALWAYS be looking at the other cash buckets to diversify the revenue they bring in.
“A lot of real estate investors think there’s just one bucket, the Cash Now bucket. They’re always thinking, ‘How can I make a quick transaction and a quick buck?’ That mindset drastically limits the deals they could be getting if they simply kept their eyes open to all three buckets of cash.”
The “Cash Flow” Bucket
Cash Flow applies to rentals and the income the investor will receive on a regular basis. But Cash Flow can also be private lending which is an area he recommends when growing your business in this kind of market.
The “Cash Later” Bucket
Cash Later is the appreciation and tax advantages investors get on the property, not to mention the renter paying down the mortgage.
Of course, everyone must live somewhere. If you are looking to purchase a home you will live in, or one you will rent out, which Gary refers to as a “buy and hold” investment, he recommends that you always look for a quality property. Not just any property that comes along in the right price range.
He also recommends that Investors plan to upgrade their “buy and hold” portfolio as well. This adds value to their investment long term.
Investors should also be prepared to keep “cash later” investment deals for some time, if they wish to get a return. Gary explains why:
“Real estate is a finance and leverage game and it’s a long term play. It’s easy to be shortsighted just thinking about making a quick buck today, sacrificing the real advantages of real estate for long term wealth and its tax benefits.”
Overdue For A Downward Turn…
Gary suggests the market is due—actually, well overdue—for a downward turn. In fact, he predicted this long before COVID-19 came around… He’s been talking about this on nearly every podcast and interview he’s been on for the past two years!
Historically, we’ve seen similar patterns, or cycles, that impact our economy and the real estate market every seven years or so, bringing with it a euphoric stage where massive transfers of wealth occur.
This includes the mortgage crisis in 2008 and the 9/11 attacks in 2001, which both had significant impacts on the stock market. In 1994, there was the bond market crisis, and in 1987, we had Black Monday. All of which occurred seven years apart and date back almost 100 years.
With these past economic examples, Gary has been predicting what he calls a “Boogeyman Event” and the next downturn, for several years. This cycle is far different from the natural order of supply and demand. It’s preceded by what many people call the “euphoric stage,” which is the final stage of the real estate market before the downturn.
Gary explains his prediction and the euphoric stage well in his quote below.
It’s happened every seven years… Each downturn seems to have similar beginning catalytic events and similar end cycles. This creates what many people call the ‘euphoric stage.’ The euphoric stage is actually the final stage of the real estate market before the downturn occurs. It’s when everyone starts talking about real estate— The barber, the hairdresser… You can’t lose. It’s when the late night tv guys selling: “How To Get Rich In Real Estate,” start popping up everywhere. During this stage it’s a sellers market with over bidding on houses going on everywhere, which is when people start talking about real estate left and right. And it’s during the actual downturn or shortly after that massive transformations of wealth occur. This has happened consistently in an uncanny rhythm. So I had no doubt that we were overdue for what I call a “Boogeyman Event,” to start the cycle all over again. I’ve been telling real estate investors to be preparing for something like this for a while now. 2020 might have been a few years late, but here we are. – Gary Boomershine, RealEstateInvestor.com
The Boogeyman Is Here… So, What Should Real Estate Investors Expect?
At an almost twelve-year high, real estate investors should be prepared for a change, according to Gary who believes the next 6-9 months will be fairly the same as today. But investors should expect a drop in the next 24 months, with hefty decreases in some areas of the country of 20%. Here’s what he shared:
“We’re still seeing money out there… However, I foresee a drop in real estate in the next 24 months. Some markets, what I call the “linear markets,” will probably see more of a 5-8% drop similar to 2008. These are usually rural or middle parts of the country like Alabama, Oklahoma, Ohio, etc. Other areas might get hit much harder. Hot areas like Las Vegas, Phoenix, Hawaii, etc. might end up seeing drops upwards into the 25-30%+ range.”
Today, we are seeing record high rates of unemployment. With people out of work, the inability for them to pay their mortgage will continue to rise as well. According to Gary, 25% of mortgage holders have less than one month’s savings.
Inevitably, this will lead to a foreclosure boom. With more properties flooding the market and sellers desperate to unload properties they can’t afford, prices will drop. Investors with cash or creative buying power will be able to get great deals, while also helping sellers avoid financial disasters such as foreclosures.
Mortgage holders aren’t the only group affected. Investors will also feel the impact according to Gary, who tells us that 53% of people living in rental properties have less than $500 in their savings account.
Landlords will need to sell because people won’t pay their rent. – Gary shares.
When renters cannot pay their rent, landlords suffer unless they have reserves to fall back on, and many do not… This leads to the snowball effect that we’ve seen repeat in the same cycle over the past 100 years.
History is a great predictor of the future. –Gary answers when asked how he came about his predictions earlier than most.
Many landlords bought late when real estate was peaking. In recent years, 50% of the single-family properties purchased were done by investors using them for rental purposes, not to live in themselves.
These landlords who once weren’t interested in selling their properties are now having a change of heart, according to Gary, who noted their willingness to sell at a lower price than they would have entertained in the past.
“There are burnt out landlords who were not interested in selling before. Now they are… Investors are going back to their old leads who said no to selling earlier and are finding sellers interested again. All the more reason why follow-up is gold during times like this.”
This will present opportunities in the market, as Gary predicts these drops will be followed by massive appreciation. History agrees with him…
The biggest transformation of wealth will happen during these downturns. It happened every time before, and it will no doubt happen again. – Gary shares.
Gary suggests holding onto the properties you have now, citing incredible gains are coming. He gave an example of a property in the San Francisco Bay area that is worth $3 million today. In ten years, he predicts, it will be worth $10 million. A deal that’s definitely not too shabby!
How is Gary so confident about this?
It’s simple economics… Hyper-inflation. With the amount of money that has been added to the economy recently, massive inflation is inevitable. And with that comes higher prices for everything from basic essentials like milk and cheese, to hard assets like real estate.
In a hyper-inflation scenario, people will want to have hard assets. The middle class will disappear. Those who own real estate will be part of the wealthy. It has happened in other countries, and Gary expects it to happen here adding:
“Real estate is a long term game.”
What Should Real Estate Investors Be Doing Today?
Gary, who said they are already seeing a shift to buying remotely and creatively, compared today’s market to a tsunami.
“People shouldn’t get caught watching the water recede rapidly at the shoreline thinking ‘Wow, look at the fish left on the beach!’ Instead, they need to get moving fast.”
Instead, he recommends that investors stay one step ahead, thinking ahead and asking themselves, “Where do I want to be right now? On the shore or on higher ground?”
When it comes to what real estate investors need to be doing right now, Gary’s answer is in his “Three P’s.”
Gary Boomershine’s 3 P’s:
- Protect what you have.
- Pivot to take advantage of the new market.
He expands on this a little further:
“Whatever you do, don’t sit idle. Take advantage of the situation and prepare for the future. Now is not a time to be sitting on the sidelines… Right now is a good time to step in and figure out what you’re doing and where you’re going.”
Right now real estate investors are doubling up on their marketing and going back to their old leads. This is the perfect time to learn how to buy and sell property remotely.
This Virtual Wholesaling concept has seen an increase in recent months as investors began working from home. The market expands greatly when you work virtually. Investors like Gary can live in San Francisco and purchase properties in Dallas or Atlanta.
Gary also mentions that he’s seeing a massive shift to buying creatively. And by creatively, he means people are turning to private lending. Owners are willing to help finance some or all of the property because they want the income stream.
“Buying creatively is going to keep growing in popularity since there’s a lot of opportunity there right now. Especially as owners look for additional revenue opportunities, and as they become increasingly concerned about the amount of taxes they will have to pay, capital gains, and so on. Some people are even worried about their money being safe in banks long term, making creative financing more appealing.”
Real Estate, Monopoly, And An Uncertain Future…
While Gary considers himself a conservative investor, he cautions buyers not to wait too long before jumping back into the market. But, no one knows what the future holds. There could be a second wave, or even a third, fourth, or fifth wave, which is why he recommends having a safety net. Here’s what he shares…
“If you’re planning to buy today, ask yourself, can you afford it? If the answer is yes, can you still afford it if your job changes? For investors looking to purchase a rental unit, ask yourself if you can afford the property if your vacancy rate soars to 60%. If you can break even at that rate, buy the property. Be wise, use your best judgement, and think ahead.”
Gary also referred to an old salesmen quote that says:
“Good salespeople know what to go after. Great salespeople know what to walk away from.”
If you want to play the real estate game, then remember that it’s just like playing Monopoly. You can have all the real estate, but if you can’t pay the mortgage, you’ll have to turn your cards over, leverage them, and sell them for pennies on the dollar. Nobody wants to have to do that. – Gary Boomershine, RealEstateInvestor.com
At the end of the day, the future is no doubt uncertain. But one thing is for sure…
There are incredible opportunities available in this market and more to come. And thanks to Gary sharing his wisdom with us, we know what to look out for, how to be prepared, and how to make the most of it.
This is an absolutely fantastic time to be in real estate investing. For real estate investors who are already in the game, right now is all about making the right moves that will help you survive and thrive in this new market. – Gary Boomershine
Ready To Learn More?
If you’re interested in learning more about how you can survive and thrive as a real estate investor in a Post-Coronavirus world, we recommend that you check out this other article that dives deeper into this topic here:
We’ve been talking about it from the early days of COVID-19…
It was the driving catalyst for our building Real Estate Investor Beacon, a 100% Free Facebook Community for real estate entrepreneurs looking for guidance through this time.
It’s why we started hosting our free monthly in-depth coaching events, as well as our free weekly strategy sessions where the REI Beacon community can ask all of their questions in a live open format.
And it’s why we’re committed to being beacons of light in our industry and our communities. With a common goal of spreading a message of hope and positivity, redirecting our focus towards what is ahead of us…
Why is NOW the time to invest in real estate?
We’ve discussed strategic business moves you can make while at home, how to find motivated sellers, as well as why this is the time to invest in vacation rental properties, short sales, and probate real estate.
In this article, we’ll discuss four reasons you should consider investing in real estate right away.
#1 – Record Low-Interest Rates
Even before the coronavirus outbreak, the US was experiencing low-interest rates, but since the pandemic, rates have dropped to record levels—the lowest recording since Freddie Mac began tracking this data almost fifty years ago!
Because of this, now’s the time to refinance or consider investing in a new property.
By taking advantage of refinancing at a lower rate, you’ll not only save in interest paid long-term, but you can improve your cash flow too. Which will free up some funds to invest in real estate.
Have you ever thought about house flipping?
Not only can you get better rates on your home purchase, your house will also be more affordable to buyers when you sell. There will no doubt be new home buyers on the market looking to take advantage of these historically low rates. Meaning there will be a nice win-win for both of you.
#2- A Surge in Treasury Bonds
If you haven’t been following the stock market, you may not know that there’s been an increase in treasury bonds. It’s a domino effect, really…
When safety investments increase, like the surge in treasury bond purchases, investors look for other safe investment options such as real estate.
Why is this a positive for real estate investors?
It opens up the door to more wholesale deals.
Now is a good time to work wholesale deals since investors are looking for properties to buy.
Wholesale investment deals can significantly help real estate investors grow and scale their business. In fact, we have a case study on one of our Managed Service Members who grew their business from 2 flips a month to 23 deals in just 7 months after our sales team helped them boost their wholesale deal flow.
It means a boost in private money funding.
But that’s not all. Equity investors are looking for other options for investing their money. Have you considered funding your next real estate investment with private money? It may be a better deal for you than a hard money loan.
We’ve got a podcast with one of our founders, Gary Boomershine, and an expert in private money— Jay Conner, that you can listen to about this subject here.
#3 Building Material Shortages
Because of Covid-19, many industries have seen disruptions in their supply chain, especially if their goods or materials come from China. For the home construction industry, imported building materials can take much longer to get today compared to pre-coronavirus days. This has an impact on their building schedule, lengthening the construction process, and reducing the amount of brand new properties available.
This works in favor of real estate investors who flip houses.
With less inventory of new properties on the market, investors that flip can experience more buyer’s demand in renovated homes. In addition, when there are more buyers than sellers, the opportunity for multiple offers can exist, making it an even better market for investors who are into flipping houses.
And it helps long-term rental investors see fewer vacancies.
Besides that, lower inventory means long-term rental investors will see fewer vacancies in their properties. People need a place to live and if there aren’t many choices, those that are available will fill much faster than when options are plentiful.
How to get the most out of a low inventory housing market?
Before you invest in rental homes, it’s important for you to understand what the standard rental rates are for renters in your area. High priced properties are not in short supply. To the contrary, there’s an abundance of those properties for sale and rent in almost any market.
To take advantage of low inventory in your market, you must concentrate on affordable options you can either flip or rent. No matter what type of market you’re planning to invest in, it always pays to do your homework first.
#4 Vacationing Has Stalled…
It’s not a secret… People are nervous about taking vacations over the summer break. From Covid-19 restrictions, worry about international traveling, and even some states going as far as releasing tourism campaigns encouraging out of state residents not to travel to their more remote resort towns until later, traveling is a bit of an iffy subject these days.
Cancellations and empty rentals have already impacted existing property owners, and likely will continue to be an issue. Even if things clear up soon, it’s unlikely that tourism will bounce back to where it was pre-corona days… At least for a few years, that is.
This can leave investors feeling panicky if they don’t have sufficient reserves to weather this type of storm. Or if they work on tight margins and require maximum occupancy to survive.
Vacation rental owners might need to sell fast at bargain prices.
Desperate investors could opt to sell fast. And a fast sale could mean a bargain price for you. We have an article that discusses this more in-depth that you can read here.
If you’re looking to invest in vacation real estate for the future when things hopefully bounce back, now may be the time to pick up a property for a great deal. After all, we know the sun will shine again tomorrow and vacationers will eventually return to traveling.
A post-coronavirus world will be different, but opportunity is often found amidst change.
In a post-coronavirus world, there could be plenty of opportunities for you to invest. When our news feeds return to normal, investment opportunities might not be quite as vast as what they are right now amidst uncertainty.
You spent hours researching the market, finding the perfect neighborhood, and property with just the right amenities and all within your budget.
You’ve got your property determined and now you’re excited, hopeful, and confident making your offer. Perhaps you even added something extra to make it more enticing like offering a quick close, but heaven-forbid you had competition.
…All to find out a few days later that your offer was declined, leaving you whirling in a fog of “what just happened?” without as much as a counteroffer…
Sound familiar? Well, it’s happened to many of us real estate investors before.
To get a quick sale deal, you need the right tools and a solution mindset.
Of course, we can’t predict the outcome of any offer you make, but we can arm you with tools and services to put you ahead of your competition and perhaps in a more appealing position for the next property’s seller.
But, even with the best tools and services in their toolkit, top sales professionals like Jeff Cohn of kwELITE also credit their success to selling solutions.
In real estate, that means understanding your seller’s motives for listing the property in the first place.
Knowing the types of motivations sellers have may help you formulate the perfect offer and win the quick sale.
Here are a few different motivators for selling a property fast.
When Their Property Condition is in Distress.
Selling the property without having to make repairs may be the homeowner’s dream offer…
In fact, Erik Hatch is one of our RealEstateInvestor.com Managed Service members who shares about giving sellers a First Class selling experience in this article.
Or perhaps they don’t have the financial means to fix up the place and are hopeful someone will take it off their hands quickly “as-is” to prevent a short sale.
A leaking roof, outdated kitchen, or damage from a natural disaster are all conditions that could put a property into distress. Repairs and updates can be expensive and not everyone has an eye for remodeling design or is handy with tools. Hiring a professional may be out of the budget for the homeowner further reducing the property’s condition.
When making an offer on a property in distress, consider the time and expense that will be needed, to ensure it’s a good investment for you. We recommend implementing an inspection reporting system like the online one we offer members as part of our REIgnyte Grow platform.
Emotional Turmoil is Another Major Reason for a Quick Sale.
When a loved one passes away, heirs that inherit a property are already under an emotional distress. Perhaps the family member was sick or passed away suddenly. Maybe they were in the hospital or in a long-term care facility.
No matter what, those left behind are dealing with the loss of their loved one, the planning and expense of a funeral, and the need to not only sell the property but also pack up the remaining belongings. This in and of itself can add more emotional distress to the already stressful situation, especially if there are multiple heirs to contend with, making a quick sale a good solution for all parties.
Also, if you’re interested in learning how to invest in Probate Real Estate, this Podcast we had with guest Sharon Vornholt is a great start…
Divorce, job relocation, or seniors downsizing to smaller homes also fit into this emotional turmoil category.
A quick sale may be what the owner is hoping for if they are selling because of a job relocation or have recently divorced. They may want to get out as quickly as possible and move on with their lives.
In whichever case, considering the seller’s needs may help you draw up an offer perfect for both parties. All of these situations put real estate investors in a unique position to be able to help someone in need, while also growing a sustainable real estate business.
Knowing When A Quick Sale Turns Into A Future Seller Lead…
Perhaps a quick sale is out of the question if the home was recently inherited and the new owners need to sort through grandma’s attic. Or perhaps they live out of state and need to hire a professional to help with emptying the property. A longer time may be necessary.
With that said, these types of leads can still turn into deals later down the road if you implement the right type of follow-up plan to capture leads that might not be ready to sell for several more months.
Financial Hardship Often Results In Quick Sales.
Job loss is one of the top reasons for financial hardship resulting in either a quick sale or a short sale. Without sufficient reserves, families may be unable to afford their mortgage, or have tax bills mounting. They may be considering bankruptcy and need to sell the home quickly.
Death and divorce are other reasons for hardship as well. Losing income from the loss of another person may cause the home to be unaffordable too. Not only is the seller dealing with the financial concerns, but they may be motivated emotionally as well.
Whatever the reason, sellers experiencing financial hardship are typically looking for quick dollars to get them out from under this burden. Understanding their situation can help you find the right balance.
What’s the difference between a quick sale and a short sale?
If you’re not sure of the difference between quick sale properties and short sale properties, here’s a simple distinguishing factor: Quick sales are typically home owner sold and short sales are sold once the bank takes a property back due to non-payment or other default reasons.
In this article we’re discussing quick sales, but if you’d like to learn more about short sales, you can check out this article we wrote here.
How do you locate these motivated sellers in the first place?
With the amount of knowledge and tools on the market today, you can do things the easy way through systems that help you identify Motivated Sellers like our very own property List Manager that allows you to stack and sort your lists to laser target your leads.
Or you can go the manual route which might look like this…
Besides working with real estate agents or searching MLS for available properties, you can work with lawyers or property managers. Motivated sellers can also be off market. Obituary listings and court filings may be good resources for recent divorces, bankruptcies and foreclosure.
As more baby boomers downsize, Senior Move Managers who work with older citizens on their relocation needs, may be another great resource in your search for your next property.
How to approach motivated sellers looking to sell quickly.
Whether in flourishing economies or tough economic times like we’ve recently experienced, understanding your seller’s motivation could be the key to winning the sale.
Start with having a conversation with your seller. Find out why they are selling and how they feel about it. You may be surprised at what they are willing to share if you just ask.
If you’re interested in learning more about how to help those in need of selling their homes fast through your real estate investment business, this podcast is a great one: How to Approach Sellers with a Heart of Empathy hosted by our very own Julia Jordan and guest Alan Weeks.
The 3 scaling secrets that a seven-figure real estate investor uses over and over again to generate massive cash flow with very little investment.
We hope you enjoyed this article about how to approach quick sell homeowners with solutions to win the sale.
We’re continuing to provide free webinars and training for real estate investors to make the most of this unprecedented market over on our REI Beacon Facebook Group. (Make sure you join this free resource group.)
Successful people know about the Law of 33%.
Whether it’s referred to as the Law of 33% or the 33% Rule, the concept is still the same. In order to be successful at whatever you do, you should surround yourself with people who help you build and maintain that success. And since there are three different groups of people who can help you along this journey, you should intentionally spend 33% of your time with each group. Hence, the Law of 33%.
This rule can be applied across multiple facets of your life, but for this article I’ll be specifically talking about how the Law of 33% can apply to real estate entrepreneurs. But first, let’s look at why you need to invest in people, and if you need to change the way you think before you can even start implementing the Law of 33%.
People are the lifeblood of all real estate businesses.
As a real estate investor, you can’t get around the fact that you need people. You need sellers, you need buyers, and you need everyone in between in order to make deals happen. People are the lifeblood of every good business. People can make or break your success, and investing your time in the right people can mean everything. Especially if you dream of building a real estate empire!
“It’s not what you know, it’s who you know.”
Before you roll your eyes, think about it. While this isn’t an absolute statement—since it does require knowledge and action to be successful—it’s still a true statement. This is why you see pictures of crazy rich people partying together on each other’s yachts plastered all over social media.
Do they all happen to love the ocean that much?
Nope! In fact, I’d venture to guess that 33% of them had to take a ton of Dramamine in order to simply attend an event at sea. But it’s worth it because they understand the law of 33%. And they know the importance of surrounding themselves with people smarter and more successful than them.
I don’t know anybody with a yacht. Does that mean that I won’t find success?
It’s not about the yacht. I used that as a figurative example to describe successful people who have built great wealth. Or more simply put, America’s 1%.
According to Economic Policy Institute data, only 1% of families in the United States make a combined annual income over $421,926. That means if you’re in a dual income household, each person would need to make just shy of $211,000 per year to step from away from the 99% and into the 1%. While that level of income’s quite nice, it’s actually not as unreachable as some of us thought it would be. Especially not when you’re in real estate…
So, what keeps 99% of our population from closing this gap?
Is it bad luck or circumstance?
The gap is wide, because changing the way we think is harder than making excuses.
The way we think is what keeps that gap wide open. Many of us think in “impossibles.” After all, how many of us thought that the 1% made millions or billions of dollars? If you had to make millions or billions of dollars, that would seem a whole lot more impossible than taking a $100,000 bite out of that gap each year for five years to exceed $421,926. Right?
When the 99% hear the phrase, “It’s not what you know, it’s who you know,” they think differently than the 1%. They think about how they’re not fortunate enough to be connected with “the right people.” They might blame it on their upbringing, where they live, their financial status, or a million other factors that keep most of the population stuck in the 99%.
The truth is that every single person has control over what they do with their time. And spending time investing in forging relationships that are positive, that lift you up, and that push you outside your comfort zone is always possible.
No matter who you know today, or who your family knows, forging new relationships is always possible. You just need to tear down that wall in your mind that says it’s not. And then utilize the Law of 33% to make the most out of who you’re spending time with.
The Law of 33% Simplified for Real Estate Investors.
Smart and successful real estate entrepreneurs grow and scale their empires through connecting with people and investing in the right groups of people. Let’s look at how the Law of 33% applies to our industry below.
- Spend 33% of your time with real estate entrepreneurs who are smarter than you. Invest in mentors and coaches with proven track records. Surround yourself with people who are 10-times further ahead than you are. Join Masterminds and networking groups. This will push you outside of your comfort zone, and encourage you to grow and push your boundaries further. This can also provide you with the resources and connections that can assist you along your climb to the top. And perhaps you’ll even befriend a yacht owner if you look hard enough.
- Spend 33% of your time with your peers and friends who are on or near your same level. Helping each other through the journey and watching each other find success in real estate is incredibly motivating and rewarding. This will keep you pumped up and encouraged.
- Spend 33% of your time helping others who are not as far along as you are. Giving back is rewarding and it’s what keeps the cycle of learning going. Just as others invested in helping you grow your real estate career, you should return the favor by investing in others as well.
Not sure where to start? Join our RealEstateInvestor.com community.
Our community at RealEstateInvestor.com is filled with real estate investors at all stages in their careers. Our members get exclusive access to high-list Mastermind groups, and training events where they can network with other members and learn from the industry’s best and brightest. In fact, we’re even hosting a mega event called REIgnyte 2020 that starts Saturday, May 2nd in Tampa, Florida. That’s a great place to meet other real estate professionals!
We believe in investing in our community. And we love providing our community with the tools, systems, and services that real estate entrepreneurs need in order to grow a truly successful business.
Want to hear from our community?
Check out Hannah and Dustin’s story about how they went from 2 deals a year to 23 deals in 7 months! Below is a snippet from their interview with us. It sounds like they learned the Law of 33% early and are well on their way towards becoming a part of the 1%!
We asked: If you could go back to the beginning of your real estate career, what’s one thing you would do differently?
They answered: We would have joined a Mastermind sooner because being around the people who do what you want to do successfully is an amazing thing. It just pushes you.
—Hannah Ritch and Dustin Hoffman from D.L. Hoffman Homes
Successful real estate investors and REIgnyte Managed Members