Here's the big question I want to ask you today. Do you have a real business or have you just created a job for yourself? For most real estate investors, the answer is that they have just created a job for themselves. We like to think of ourselves as entrepreneurs, but are we really? I think the answer is no in most cases and here’s the reason.
Entrepreneurs or true business owners, organize their businesses for growth. They know from the very beginning they want to scale. A true entrepreneur knows that their job isn’t to do the work, it’s to build a company that does the work.
In almost every case, real estate investors start out as a one man show. That’s how they get their first few deals done. It’s the next thing that happens that will likely determine their future, and that is how quickly they start to build a team.
So how do you begin the process? You need to create a plan to fire yourself.
Do you ever wish marketing was easier? Could it be that you're making it harder than it actually is? Probably so. I know I did at one time. One way to make it easier is by learning to tell your compelling story.
I have been trying to figure this out for some time now. Whether you are in real estate or any other business for that matter, it’s pretty easy to figure out if you’re doing a good job. When you have happy clients and repeat business that’s a pretty good indicator that you have satisfied the folks you are working with. And honestly, most of them will be happy to give you a testimonial if you ask.
I Hear this All the Time
Investors tell me, “I have been intending to ask for testimonials for quite some time. Each time when I forget, I say I will do it next time”. We all understand the importance of having these words of praise on your website. So what exactly is the problem?
I honestly think it's two things.
First of all, people just forget. They go to the closing, get their check and about halfway home they remember they forgot to ask for a testimonial.
Getting an Unexpected Testimonial
I got a surprise in my email the other day. I had been working with an estate attorney that was new to me. His client, who was my seller, was an absentee owner of a property he inherited. That is definitely one of my favorite types of motivated sellers; absentee owners that have inherited an unwanted property.
When I opened my email this is what I saw:
“It’s a pleasure to work with such a knowledgeable and pleasant investment buyer. Hands down the easiest estate sale I’ve handled in a very long time.”
It's great not even having to ask for testimonials.
How Did this Deal Go?
I intended to wholesale the property, and I found my buyer within a couple of days. That in itself was quite a surprise. This house was structurally damaged and I really thought I would have a hard time selling it. But I will save that story for another time.
We worked through a number of issues and got the closing done quickly and smoothly. He told me many times how much he enjoyed working with me, and how easy the whole process had been. I half jokingly said to him, “That’s great. That would make a great testimonial if you feel that is something you would feel comfortable doing.” A few days after the closing I received his testimonial. In this case I didn't have ask, but you will be surprised at the “yes'es” you get just by asking.
Today we are going to talk about building an exceptional business with my friend Mike Hambright AKA the FLIP Nerd.
Both of us are passionate about entrepreneurship. Entrepreneurs talk about how you build profitable business. But the real question is, how do you go about building an exceptional business as opposed to a business that is simply average or ordinary?