Exclusive RA offer & ‘Power Tips’ summary from Eddie Gant and Tom Perry
Power Tips by Eddie Gant and Tom Perry:
“Make it. Track it. Measure it. Survive it.”
Find your focus
- Begin with the end in mind. There are a lot of ways to make money in real estate. Don’t try to do it all. Find 1-2 things you are good at or want to work on as part of a long-term vision, and only focus on those.
- If your goal is to buy 100 houses a year, break that down into quarterly goals. You can track monthly progress but measure quarterly.
- Don’t worry who the President is, or how much a barrel of oil is worth, or what will happen to Dodd Frank. No one can guess if, when and what might happen with Dodd Frank. Houston market is diversified enough this time so focus on the under $200K market that oil fluctuations do not impact much.
- Sharpen your axe. Set a goal to attend networking and educational events regularly. Talk to people, get to know them and learn what they are doing. Sign-up for classes to learn about specific topics that you don’t have expertise on yet.
- Develop your customer database. If you are selling Real Estate, who is your customer- a. Owner Occupant, b. Landlord or c. rehabber? How many contacts do you have in your list.
“Real Estate is like baseball. Home runs are rare but hey, it’s okay to hit singles and keep on scoring.”
Keep doing the work
- Sow the seeds. Do the work. Results will come. Don’t get caught up on the size or the color of the font when you’re marketing. Stick to your strategy and do the work. Remember that Real Estate isn’t ‘get rich quick’, but ‘get wealthy long-term’.
- Decide what are you willing to spend – your time or your money. You will have to spend either of these, and more importantly find the right balance that works for your business.
- Don’t make the mistake of thinking that you will become an expert after an year, or after you buy 8-10 houses. Most people get good at this business after 3 years and more deals than 10.
- Develop a thick skin. What will you do after you hear a “no”? Probe deeper by asking what’s on the mind of the client. Help them walk through their numbers and their terms. More than often, they may realize they didn’t have the complete picture and that your offer wasn’t all that different that what they had in mind.
- If you are part-time in Real Estate you may wonder when to quit that corporate ladder. Stay at your other job until it’s costing you money.
Additionally, Tom and Eddie talked a lot about their personal experience, their individual 2017 goals and how they might react to varying market conditions. They also answered many great questions from the audience around funding more than 10 houses, marketing, investing in inner city vs. suburban homes, short term vs long term decisions, and so on. We hope you are able to take some of these tips and experience growth, momentum and profit in your business…we certainly plan to!
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