Podcast Summary
Embrace the 'everything is figureoutable' mindset to overcome challenges in real estate investing: Investors can apply a positive attitude and resourcefulness to tackle obstacles, build credibility, and market effectively. Consider passive investing for consistent income.
Real estate investors can apply the mindset of "everything is figureoutable" to overcome challenges and grow their business. David Green and Brandon Turner discussed this concept on the Bigger Pockets podcast, along with the importance of building credibility as a new investor and effective marketing strategies. A simple way to implement this mindset is to always be ready for opportunities, as demonstrated by producer Kevin during a last episode recording. Additionally, investors can consider passive real estate investing for monthly income without the hassle of property management.
Exploring Real Estate Investment Opportunities and Marketing Strategies: Discover real estate investment opportunities like passive income with PPR Capital Management and no money down options with Rent A Retirement. Learn marketing strategies including faking it till you make it and the concept of everything being figureoutable from guest Kevin Leahy.
There are various investment opportunities in real estate, including private funds like PPR Capital Management, which offers passive income with a strong track record, and no money down options with companies like Rent A Retirement for buying turnkey rental properties. Additionally, securing a home with SimpliSafe provides peace of mind while traveling. During this episode, we'll discuss marketing strategies, including faking it till you make it and the concept of everything being figureoutable, with guest Kevin Leahy. Last week's episode with Marie Forleo was also highly recommended as it covered similar themes.
Embracing the 'Everything is Figureoutable' Mindset: Believe that challenges can be overcome and develop a growth mindset by embracing the concept that 'everything is figureoutable'.
The phrase "everything is figureoutable" encourages problem-solving and challenges limiting beliefs. The guest shared how this concept resonated with him after reading Marie Forleo's book and recommended it as a comprehensive development resource. This idea goes against excuses and invites individuals to analyze their belief systems and figure things out, leading to a healthier mindset. The guest also shared an analogy of his daughter trying to fit a square peg in a round hole, emphasizing the importance of understanding that certain things may not fit right away but can be figured out with persistence and determination. Overall, the concept of "everything is figureoutable" encourages a growth mindset and the belief that challenges can be overcome.
Adjusting perspective and making slight tweaks: Believe that challenges are figureoutable and approach obstacles with a positive, solution-focused mindset. Take a step back and gain perspective when making big decisions to make informed and effective choices.
Sometimes in life, we encounter challenges that seem insurmountable and we end up pushing hard against them, leading to frustration and anger. However, as Marie Forleo's story about Rosie and the box illustrates, it may just be a matter of adjusting our perspective and making a slight tweak to make things fit. This idea of everything being figureoutable is a powerful belief that can help us approach obstacles with a more positive and solution-focused mindset. Additionally, when faced with a big decision, it can be helpful to take a step back and gain some perspective by asking ourselves how our body reacts to the decision. Writing things down can also help us slow down and think more clearly. Marie Forleo's approach to decision-making, as shared by her husband Brandon, is a valuable tool for anyone looking to make high-leverage decisions while avoiding the emotional attachment that can cloud our judgment. By taking a step back and gaining some detachment, we can make more informed and effective decisions.
Intensity in Real Estate: A Double-Edged Sword: Intensity can drive progress but also lead to hasty decisions. Acknowledge limitations and seek opportunities to learn.
Intensity can be a double-edged sword in real estate investing. While it may drive us to push through challenges and make progress, it can also lead us to make hasty decisions and overlook obvious solutions. It's important to recognize when intensity is no longer serving us and take a step back to assess the situation objectively. Additionally, labeling ourselves as real estate investors before we've truly earned the title can be both exciting and daunting. It's essential to acknowledge our limitations and seek out opportunities to learn and grow in the areas where we lack experience. Ultimately, it's about finding the right balance between confidence and humility, and understanding that every step of the journey is an opportunity to learn and improve.
Being authentic and honest builds trust with sellers: Transparency about role and experience, honest communication, and effective marketing are crucial for building trust and closing deals in real estate investing
Authenticity and honesty are key when building relationships with sellers in the real estate investing industry, especially when starting out. Misrepresenting yourself or promising more than you can deliver can damage trust and hinder your ability to close deals. Instead, it's recommended to be transparent about your role and experience in the real estate market, and to build a network of investors and partners to help you execute deals. Being honest about your resources and intentions can help sellers feel more comfortable and confident in the transaction, ultimately leading to a successful outcome for both parties. Effective communication and marketing are essential skills for building trust and closing deals, and should be prioritized in any real estate investing strategy.
Effective Marketing is Essential for Real Estate Success: Marketing principles help real estate investors set themselves apart from the competition, build a thriving business, and achieve greater returns.
Marketing is an essential aspect of real estate, regardless of the scale of your investments. Whether you're running a real estate fund or trying to sell your first duplex, effective communication and branding are crucial for success. Real estate is a business, and treating it as such, with a marketing mindset, can lead to greater returns and long-term success. The stock market and real estate are not the same, and it's essential to understand the unique challenges and rewards of each. By embracing marketing principles, real estate investors can set themselves apart from the competition and build a thriving business.
Notice and leverage opportunities to differentiate yourself from competitors: Observe the world through a marketing lens, notice small details that set businesses apart, and apply similar strategies to your own marketing efforts to differentiate yourself and become the go-to person in your area. Utilize resources like PropStream to find motivated sellers off-market and secure quality deals.
Successful marketing involves noticing and leveraging opportunities to differentiate oneself from competitors. This can be achieved by observing the world through a marketing lens, noticing even the smallest details that set businesses apart, and considering how one can apply similar strategies to one's own marketing efforts. For example, a contractor who brands himself as "the basement guy" by using a simple truck sign with his face and the word "basement" has likely set himself apart from competitors in a crowded market. Similarly, a hostel owner who adds a goat to his property not only differentiates himself but also creates a memorable experience for guests. By taking the time to think creatively about marketing, one can carve out a unique niche and become the go-to person in their area. Additionally, utilizing resources like PropStream to find motivated sellers off-market can help real estate investors stand out from the competition and secure quality deals in a challenging market.
Differentiating Your Business in a Commoditized Market: Create a unique value proposition or introduce a new category to stand out in a commoditized market.
To succeed in a commoditized business like real estate, it's essential to differentiate yourself. Two effective ways to do this are by creating a new category or adding a unique value proposition. PropStream, for instance, differentiates itself by offering both public record data and accurate MLS sales estimates for getting the most accurate comps. They also provide lead automation, skip tracing, and a marketing suite for closing deals efficiently. On the other hand, 1031 Pros differentiates itself by helping investors save on taxes through 1031 tax-deferred exchanges. Meanwhile, creating a new category can be achieved by introducing a unique product or service, like Bulletproof Coffee did by adding fat to coffee and creating a new brand. Another example is Toms Shoes, which added a social cause to the commoditized shoe market. By differentiating yourself, you create a reason for buyers or sellers to choose you over competitors.
Offer a unique value proposition to stand out from competition: Provide unique product, cheapest option, create new category, or position as go-to expert to differentiate and become customers' go-to solution
To differentiate your business, you need to offer something unique that resonates with your customers. This can be through providing the best product, the cheapest option, creating a new category, or positioning yourself as the go-to expert in a specific area. By doing so, you become the standout choice for your customers, making them feel good about their purchase and building a strong brand. It doesn't have to be a radical difference, but a subtle yet meaningful one that sets you apart from the competition. When you own the real estate of your niche in your customers' minds, you become their go-to solution, just like Boardwalk and Park Place on the Monopoly board. This is the key to success in any business. Kevin, in his quest to buy houses in Washington, D.C., is on the right track to finding his unique selling proposition and standing out from the crowd.
Provide exceptional customer service to stand out in business: Offer guarantees, be responsive, and innovative to differentiate yourself and build a strong reputation in business
In business, particularly in real estate, making a strong first impression and providing exceptional customer service can set you apart from the competition. This can be achieved by offering guarantees, such as a 10-minute callback guarantee, or by presenting an offer over the phone before conducting an inspection. This approach can be particularly effective for those without extensive experience or a large client base, as it addresses a common frustration among potential clients – the difficulty of getting in touch with agents. By focusing on responsiveness and reliability, you can differentiate yourself and build a strong reputation in your industry. Additionally, being creative and innovative in your marketing efforts can help you stand out and attract clients who have had negative experiences with other providers.
Identifying and solving customer problems: Successful entrepreneurs listen to industry forums, engage with potential customers, and ask questions to understand their pain points. They focus on solving these problems to differentiate themselves and build a thriving business.
Successful entrepreneurs identify and solve the problems of their customers. This can be achieved by actively listening to industry forums, engaging with potential customers, and asking questions to understand their pain points. For instance, in real estate, identifying the problem of sellers struggling to get financing led to offering all cash purchases. In the mortgage industry, the problem of loan officers struggling with documentation and new loan officers needing guidance resulted in hiring and training junior loan officers to effectively communicate with borrowers. By focusing on solving problems, entrepreneurs can differentiate themselves in their industry and build a thriving business.
Embrace problems as opportunities for growth: Identify pain points, learn through apprenticeship, secure deals with 'puppy dog close' technique
Entrepreneurs thrive on solving problems. Instead of avoiding them, embrace them as opportunities for growth. The discussion highlights the importance of an apprenticeship model for business expansion and learning new skills. A real-life example was shared about losing a deal due to overlooked pain points, emphasizing the need to identify and address these issues to secure business deals. The "puppy dog close" technique was also mentioned as a successful method to get people committed to tiny steps towards a larger goal. By focusing on these principles, entrepreneurs and investors can create value and success in their endeavors.
The importance of building relationships and networking in real estate: Building relationships and networking in real estate can increase your chances of success, finding an investor-friendly agent can simplify the process, and consistently being in the market is key to financial freedom.
Building relationships and networking in real estate can significantly increase your chances of success, whether you're trying to buy or sell a property. Kevin's experience of losing out on a deal but still forming a valuable connection is a great reminder of the importance of maintaining positive relationships in the industry. Additionally, finding an investor-friendly agent can help simplify the real estate investing process and provide valuable insights and guidance. Remember, the key to financial freedom through real estate investing is not about timing the market, but rather about consistently being in the market. To get started or expand your real estate investment portfolio, visit biggerpockets.com/deals and find an agent who fits your needs. This free resource can help you navigate the process with confidence. As always, remember that investing in real estate, or any asset, involves risk, and it's essential to consult with qualified advisors before making any investment decisions. BiggerPockets LLC disclaims all liability for any damages arising from reliance on information presented in this podcast.
