An inside look at what Darren’s team does for our members.
Darren and his team onboard new members, host strategic planning sessions, and stay in consistent contact with each of our members through regularly scheduled account review calls. Their goal as a team is to set members up for optimum success. Here are Darren’s thoughts on his team’s role.
“We help our members by staying in consistent contact with them. That means watching for signs of trouble and looking for strategic growth opportunities. Our main goal is to help our members close more deals. If they close more deals, they make more money. And if they make more money, naturally they will continue working with us.” —Darren Wassell
Darren has a passion for both real estate and entrepreneurism, and it shows.
Darren’s love for both real estate and entrepreneurism makes him a great culture fit for our company and an enthusiastic advocate for our members. Here’s what Darren has to say about what he loves most about his job.
“There’s something truly rewarding about getting to see an entrepreneur’s business grow in real time. I talk to all of our managed service members on a quarterly basis. That’s over 300 talented real estate investors who range from novice to expert in experience. Being in regular contact with so many investors gives us great insight on tips and techniques that are working right now across the country. My absolute favorite part of this job is when I get to see the needle move after a member implements a strategic plan we build together. Seeing this happen and being a part of helping an entrepreneur hit their goals is exciting!” —Darren Wassell
His thoughts on the recent merger between REIvault and InvestorPO.
When Gary Boomershine and Robert Syfert chose to merge their businesses into the powerhouse full-scope platform that’s now called REIgnyte, it drummed up a lot of excitement and change. We asked Darren for the inside scoop and what he thought of the merger. Here’s what he had to say.
“We’re all super excited about it because we at REIvault have always had excellent managed services with an “okay” technology piece. InvestorPO had the incredible technology and CRM piece we needed. Apart we were both good, but together we’re great! As the Director of Client Services, I love that we can now offer our members the best of both worlds and help them produce even better results than we could before.” —Darren Wassell
Here’s a tip for struggling real estate investors from Darren Wassell.
We asked Darren if he could give a tip to a struggling real estate investor, what would it be. This tip was spot on!
“The fortune’s in the follow up. We as investors are all ready to buy houses today and every day. But most sellers aren’t ready to sell their house until sometime in the future. Few are ready now. So the key is to connect with them, build rapport and credibility, and educate them. If they’re ready to sell now, that’s great! If not, follow up, follow up, follow up, until that seller is ready to sell. If you’re in front of them when they’re finally ready to sell in the future, that’s when you’ll get the deal. Most investors don’t have the patience or time to stay with sellers until they’re ready to sell. While the people who do, make the most money.” —Darren Wassell
Getting to know Darren.
Born in San Diego, Darren began moving his way northward along the California coast where he attended Pepperdine University near Malibu. After graduating with a degree in Organizational Communication, his career track took him even further north to the San Francisco Bay area where he still lives today.
When Darren’s not working, he’s spending time with his family. He’s a firm believer that a healthy body equals a healthy mind, and enjoys exercising on a consistent basis alongside his lovely wife of 26+ years. Darren has three kids, two of which are already out of the house and across the country in North Carolina and in Texas, where Darren and his wife frequently travel for a visit. While some of their friends are having babies and starting their families late in life, Darren and his wife are anxiously looking forward to the grandparent phase of life in the future.
To be successful in the real estate investment space, we have to build teams that can withstand competition. Who should we be including in our teams, and why is it vital to find a mentor? Should we be shying away from competition or embracing it?
On this episode, author and host of The Real Estate Locker Room Podcast, John Carney shares how to compete in the real estate investing space.
If you’re ready to build your financial wealth, consider the following
There are many ways to grow wealthy during a recession as a real estate investor. But before we dive in, you’ll want to make sure that you have the right tools, systems, and resources available to you to build your real estate investment business. At RealEstateInvestor.com we’re an all solution provider that’s proud to equip real estate entrepreneurs with everything they need to succeed and grow their business. You can learn more about our suite of innovative products and services here.
Our founders of RealEstateInvestor.com are real estate investors themselves who have both been through recessions in the past. They created an amazing video that talks about everything you need to do to make your real estate business work for you this year. You can watch their training video on this here on YouTube for free.
Ready to learn some tips for maximizing your business and potentially growing rich during a recession? Keep reading for some ideas…
Utilize Your Equity
I don’t mean buying that luxury car you’ve had your eye on, or taking that tropical island vacation when travel bans are lifted. Those things are great but hold onto those thoughts for now.
Instead, consider leveraging the equity you have in an existing property and use it toward the investment of another. By taking advantage of low home equity loans, you can grow your portfolio with an additional investment property and income.
Before you sign on the dotted line, make sure you find the right property that fits your needs and your budget.
Take Advantage of Lower Interest Rates
Interest rates drop when the economy is down. We’ve already seen proof of this with the cuts The Fed made in March 2020. Since banks depend on loans to make money, lower rates will make borrowing more enticing to investors, making both parties happy.
These rates won’t last for long, so be sure you don’t let low rates slip by.
Homeowners that are unable to pay their mortgage because of a job loss eventually lose their house to their bank or lender. While this is unfortunate for them, this opens an opportunity for a real estate investor to swoop in and save the day by helping the seller out by buying their home quickly before the bank has to take it back.
What does this mean for real estate investors this year?
Properties can often be found at lower prices, sometimes at a fraction of their pre-recession value. Investors taking advantage of these offers are positioned to gain equity quickly, once the market rebounds and values return to their normal levels.
Other Economic Fallouts
Home defaults aren’t the only thing that rises when the economy drops…
Divorces increase during economic hard times.
Financial instability during a recession often puts strains on family life causing marriages to end.
What does that have to do with real estate investing during recessions?
As couples split, assets need to be divided, giving opportunities for investors to help with this, especially if property owners are eager to sell fast.
Speaking of owners that want to sell fast, have you ever considered buying a property whose owner recently passed away?
As you can imagine, the loss of a loved one and planning a funeral can be emotionally overwhelming. Deciding what to do with Grandma’s old house can be too… Especially if there are multiple heirs involved in the estate.
Unless the family had a personal connection and just can’t part with Grandma’s house, most look to sell fast and would consider a lower price to make that happen. After all, they will have funeral costs and lawyer fees to tend with as well.
This provides another chance for real estate investors to help out sellers in their time of need, by providing them with an instant offer and a stress-free sales process.
Keep Your Long-Term Plan in Sight
Regardless of where you are today, thinking long-term is always the smartest move. After all, economic cycles of ups and downs will occur again and again. Markets will return and grow, and economies will experience recessions.
All of these things are about as predictable as a sunrise…
As unemployment rises during a potential coronavirus recession, more people will look for rental units, and demand for those properties will go up. Making this a great time to invest in rental units and buy and hold real estate.
Planning now for your future will put you at an advantage later.
As many of us are moving into longer stay at home orders, now is the exact time when you should be planning out your strategy for the future. There will be a lot of opportunities that will rise for a short time and disappear before you know it…
Will you be prepared?
Check out our article on 7 strategic business moves that you can start making right now to get prepared.
Also, stay on top of new industry trends, free training, and networking in our REI Beacon Facebook group. It’s 100% free, and the value being dropped there is unlike anything offered by us before.
To be successful in the real estate investment space, we have to build teams that can withstand competition. Who should we be including in our teams, and why is it vital to find a mentor? Should we be shying away from competition or embracing it?
On this episode, author and host of The Real Estate Locker Room Podcast, John Carney shares how to compete in the real estate investing space.
At first blush, you may think “no, absolutely not.” After all, we are amid a global crisis with some states and countries still under lockdown.
This uncertainty can stall you from looking toward the future when travel restrictions are lifted, and life and business return to some normalcy.
During a crisis, it is not uncommon for people to make decisions out of panic. When bookings drop, some existing property owners may feel desperate and opt to sell at a lower price than they should. Lenders may offer lower interest rates during these economic downturns or have properties available as a short sale.
All of which could make this the perfect time to invest in vacation rental property.
But like other investing opportunities, it’s best to make your decision based on facts and data.
Booking sites such as Airbnb, VRBO, and others have made finding properties for today’s traveler much easier. With the increase in travelers preferring vacation homes over hotels, an investment in rental property is a wise decision with the potential for a great return on your investment.
Before diving in headfirst, consider realistic drawbacks.
Count the costs before buying a vacation rental property. Here are some of the questions you should ask yourself first.
Can you afford it?
Verify your finances to make sure this investment fits within your budget. Strapping yourself for cash is not a wise decision during any economic climate.
What if no one rents your property?
It’s a worst-case scenario that no one wants to think about. Perhaps the location is undesirable, or the price is too high, or the property is too small, or the area is facing another economic crisis. Whatever the reason, would you be able to weather the storm if you went without rental income for several weeks or perhaps even months?
Remember that this is also your investment.
Choose a location and property you and your family will enjoy. Perhaps if it’s not rented for a few weeks out of a year, you all could travel there and build great memories. Either way, the property would still be useful if it’s somewhere you could benefit from traveling to.
If owning a vacation rental property sounds appealing, where do you begin?
If you’ve counted the costs and decided that you’re ready to make this investment happen, here are some ideas of where to start.
For starters, do your research.
Location is key to a successful vacation rental investment. Choose a destination that attracts travelers. Properties in warm climates or with access to beaches and amenities may be popular. But properties near parks, lakes, or other attractions may have a similar draw. Apartments or lofts in metropolitan cities or cottages in mountainside towns may be equally appealing.
Once you’ve narrowed down your location, research properties for sale. Analyze market rates to ensure a good return on your investment.
When searching for rental property, keep these things in mind:
- Does the property need repairs like a new roof or windows?
- In what condition are the appliances and heating/cooling systems?
- What will repair or renovations cost, and how long will they take?
- Why is the current owner selling?
- What types of renters did they have in the past?
- What enhancements can you make to attract more renters?
Consider all actual costs.
Besides the initial investment, furnishings, repairs, or desired renovations, there are other costs in owning a vacation rental property. This would include insurance, utilities, maintenance, and property taxes.
Properties located within communities may have Homeowners’ Association (HOA) fees to cover maintenance of common areas like landscaping, or shared facilities such as a clubhouse, fitness center, or swimming pool.
In addition to this, there can be other fees that must be considered like leasehold or fee simple, which are essentially a “rental fee” or a charge imposed for the land upon which the property sits.
Unless you plan to handle the daily running of your rental, you might want to consider hiring a Property Management Company to assist with bookings, scheduling, and cleaning. Some states even require this as a part of ownership.
And don’t forget advertising. To get an edge above your competition, you may consider hiring a marketing firm to attract renters.
Understand short-term rental laws in your area.
Restrictions vary from one community to another. Check if your area limits the number of rental properties allowed, or if the owner must live on site or not. Some cities have length-of-stay laws, limiting guests to a maximum stay of 30 days. Other communities regulate the type of structure allowed as a rental or require owners to obtain a rental license.
If you plan on managing your vacation rental on your own, you’ll want to read up on your state and local government’s tax laws since some states require you to collect sales taxes or hotel taxes from your guests. Collecting and processing these taxes would be another step to consider when owning a vacation rental and managing it yourself.
These are just a few of the important factors you should pay attention to when determining if buying that vacation property is worth the investment or not.
Should you buy a vacation rental in 2020?
At the end of the day, this decision should be made after you do your homework on whether it’s right for you or not. There are some distinct opportunities in today’s market for some great deals on this type of investment property. But, it’s important to do your research quickly because eventually this crisis will end and when it does, the deals on vacation rentals might not be as advantageous as they are right now.
Do you have the right tools you need to find the best vacation property deals?
When it comes to real estate investing, having the right tools and systems can make all the difference in finding that beachfront property or mountain view property before your competition does.
If you’re looking to become a serious real estate investor who owns multiple properties including vacation rentals, you’ll need a plan for how you’ll find and locate your motivated sellers, and how you’ll manage leads.
Like with any business, it’s important to look at what industry experts and professionals are using to grow their businesses. It doesn’t make sense to spend time trying to do things manually and less efficiently when there are innovative systems and tools that can help you do things better and faster.
Here are some of the tools and systems we recommend:
Obtaining property lists is an important step in finding the right properties to fit your vacation rental needs, as well as to locate highly motivated sellers. Back in the day investors would use spreadsheets to manage these lead lists, but manual tracking and filtering just doesn’t make sense in 2020.
Now, you can save time and money by using a cloud-based property list stack filtering and fulfillment service like Property List Manager. This service helps you save both time and money by using the power of data and algorithms to import your lists, stack them, and then sort and filter the addresses to target your most highly motivated leads. With a built-in mapping system, PLM is an incredibly efficient way to streamline your property lists.
A Real Estate Investing CRM is another “must have” for managing your prospects, tracking leads and managing them, running personalized follow up and touchpoint campaigns, and handling every aspect of the sales life cycle. Our Grow CRM was built by real estate investors for real estate investors and allows you to manage every aspect of the sales life-cycle in one system with automated efficiency.
Finding motivated sellers and closing deals is a marathon, not a sprint. Investing in the right systems and software that help you optimize relationships and minimize time-consuming processes can make the difference between having a mediocre business and an amazing business.
For a limited time only, we’re running an unprecedented deal on both our Grow CRM and our Property List Manager together, making these systems more affordable than ever before. Check out this deal and more information here.
Are you looking at a way to spend your coronavirus stimulus check?
If you’re still working right now and if you see your stimulus check as something that makes sense to invest, vacation rental properties might be the choice for you. Either way, this article has some ideas on what you can do to make your stimulus check go a little further.
Erik Hatch, owner of Hatch Realty in the Fargo-Moorhead area of North Dakota, has been a member with RealEstateInvestor.com for close to two years and he’s kind of a big deal to us. With a multi-award winning real estate company that has a servant’s heart, and a visionary that’s so closely aligned with our own core values and beliefs, this real estate entrepreneur is doing things right and it shows.
“We are in the business of helping people: We just happen to sell real estate.” —Hatch Realty’s Motto
WHAT’S ERIK’S COMPANY DOING THAT’S SO SPECIAL?
They give people options.
Like most traditional real estate agents, Erik used to think that there was no way a seller would accept a lower and more aggressive offer in exchange for certainty. “It’s not a world where real estate agents live in and that’s why it’s met with such doubt by agents.” Erik shares in regards to this.
Yet, the popularity of his SNAP offer program—a program that makes selling your home a snap—has proved that logic to be wrong. And honestly, it makes sense. After all, people love options. And with all that’s going on right now, they need options.
A menu of options for sellers to choose from.
Hatch Realty offers their clients a menu of options to choose from when selling their homes. Their menu includes:
- Traditional listing.
- Traditional listing, plus an interest free loan of up to $10,000 for upgrades to maximize the seller’s home value.
- A snap offer— Sellers get a cash offer within 96 hours. While this is a more aggressive offer, sellers get a first class experience when it comes to convenience and certainty.
RealEstateInvestor.com is one of Erik’s secret ingredients for success.
Erik never considered himself to be a real estate investor until a few years ago, even though he’d technically been investing in real estate since 2012. But instead of fearing the rise of the inevitable iBuyer movement, Erik decided to embrace it head on and take the power back in his company’s hands.
One of the tools that has helped Erik find success as an iBuyer is REIgnyte’s Managed Services program—formerly called REIvault—which he mentions on his website as being been instrumental in helping him get the word out.
Here’s what he has to say about REIgnyte during our interview with him this week.
“RealEstateInvestor.com’s analytics and insights for providing the right marketing materials to the right sellers has been invaluable to the building of our own iBuyer program. Utilizing those tools has been the biggest catalyst for our growth over all other mediums we’ve tried. The return on investment we’ve had just in the short period of time we’ve been with them has been the most positive over any other dollars we’ve infused into this program.” —Erik Hatch about Hatch Realty’s Snap Offers
Let’s look at the numbers:
Erik Hatch has been in real estate full time since 2011 and has been investing in real estate since 2012. Hatch Real Estate closes over 600 traditional deals each year, and in 2018 they started flipping homes.
He also joined RealEstateInvestor.com as an REIgnyte Managed Services member—formerly REIvault—in late 2018.
We asked him to quantify his results with us and here’s how many investment deals he’s been closing on top of his traditional listings:
- End of 2018- Closed 5 Deals
- Full Year of 2019- 25 Deals
- So Far in 2020- 10 Deals Already! (As of March 20, 2020.)
“We have had massive success with this since our inception. I’ve created a whole additional arm to my business via our SNAP offer program.” —Erik Hatch says about RealEstateInvestor.com
Here are a few things Erik says that he loves about RealEstateInvestor.com:
- He has more hours to work on his business and not in his business.
- It gets people to raise their hands. The people that are coming out of the woodwork aren’t their typical residential real estate clients—so they’re now widening their net.
- With our program they identify those that want to sell to them (as their 1st wholesale offer); they identify people that want a higher price (so they shop it to other wholesalers); and they identify people that want to list the traditional route with their brokerage.
“I used to go to all these houses and walk through them with the contractors and the inspectors. I basically served as my own general contractor. Now I have a system that operates beautifully – with two full time staff members, a great general contractor, and I’m buying 3-5 houses each month by simply answering a handful of emails thanks to RealEstateInvestor.com. Now I have time back and a machine running.” —Erik Hatch, Hatch Realty and Snap Offers
Would Erik Hatch Recommend REIgnyte Managed Services To Others?
We asked Erik if he would refer REIgnyte Managed Services to other Hybrid real estate agents and real estate investors and he said: “Yes. We have, and we will continue to do so.”
Our team at RealEstateInvestor.com is incredibly grateful for our wonderful members like Erik Hatch. Erik is a great example of a beacon of light in his community and in the real estate industry. We love that he’s taking the iBuyer movement head on, embracing life as a hybrid agent and investor, and helping others do the same along the way. It’s members like Erik and his team that make us strive to be the best we can be at RealEstateInvestor.com!
Be sure to read this article we wrote based on our interview with Erik Hatch!
Erik took the time to give his thoughts on how the Coronavirus is changing the industry and what real estate entrepreneurs need to be doing right now as they’re safer at home. Read the article we wrote about this interview here.
Link to next article. Or add that article to this and simply make this a long form article.
If you’re a novice or intermediate real estate investor, you might have heard the term short sale thrown around by more experienced investors. This article explains what a short sale is, and how you can determine if this type of investment property is right for you.
What’s a Short Sale?
If you haven’t heard the term before, a short sale occurs when a property owner owes more money on the outstanding mortgage than the property is worth. When the lender agrees to let the property sell “short” of the money owed, they take a loss as a “short sale.”
This is typically considered a better option for the seller than a foreclosure where the lender takes ownership of the property because of an unpaid mortgage.
Short sales can be appealing if you’re looking to acquire an income property at a discount. Now’s the time to consider them given how many people have been impacted by the coronavirus pandemic and the consequentially high unemployment rates.
Why Buy a Short Sale Property?
Lenders look to sell short sale properties fast. They want to avoid incurring additional costs. As such, they are likely able to offer better financing terms—like lower interest rates—to make the real estate more attractive to purchase.
Buyers usually get lower pricing that’s below market value when it comes to short sale properties. This is due in part because lenders have already agreed to a short sale that covered part of the mortgage balance.
Most short sale properties tend to need fixing up, which makes them great flip and sell properties or low-cost rentals. By making a few repairs or renovations, the buyer can add equity quickly.
Are Short Sales Good for Every Investor?
That depends. Short sales have a few drawbacks.
If you’re hoping to negotiate a leaking roof or outdated kitchen, a short sale is not for you. Almost all short sale properties sell “as is” with no negotiated inspection and repair terms. Buyers would assume all repairs or required updates upon purchase and any such costs would be factored into the discounted purchase price. And in some cases, the property’s condition is not always disclosed.
If you’re looking for a quick purchase, think again. The buying process on short sale properties is typically longer than traditional real estate transactions between the buyer and seller. With a short sale, the lender and any other lienholders are involved, which can lengthen the processing time.
Longer processing times could also have an impact on other investment opportunities. Buyers could miss out on other properties while they are focused on the pending short sale.
Where Do I Begin?
Assuming the above drawbacks didn’t scare you away yet, perhaps a short sale is perfect for you. The following tips will help you find your starting point. Before you decide to purchase a short sale property, know what you’re getting yourself into. The following can help.
Get your financing in order.
Unless you are paying cash, you’ll need to get preapproved for a mortgage. Having this prearranged will help expedite the closing once an agreement has been made.
Find a property.
Don’t spin your wheels searching through all listings. Look for those that are in pre-foreclosure. One of the best ways to get a heads up about homes that are about to go into foreclosure is by working with a real estate agent. Developing a symbiotic relationship with a real estate agent in your market is essential for professional real estate investors. Real estate is a small world, so networking and referrals can make all the difference when it comes to growing your business.
Another quick way to find short sales is through local list providers.
While these lists do cost money, they save you time since you don’t have to dig information out manually.
Do you have too many lists to manage?
Many times you’ll need to purchase multiple lists to find short sales and pre-foreclosures, among other types of investment properties. When you’re working with multiple lists, using a list stacking and filtering service is essential to help you narrow down your targeted properties. Property List Manager is one of the best systems for that on the market today. You can learn more about this affordable tool here.
If you’re just starting out and have plenty of time on your hands, check out public records and title companies where you might be able to discover homes that are available for short sales. And if you’re looking to find property owner information and the name of the lenders, you can visit the county clerk’s office who might be able to get you these details.
Do your research.
Before you make an offer, take the time to research the property. You will want to research competitive properties to find out if the short sale is one that will turn a good ROI for you. You might be able to build a relationship with a real estate agent who can do a market analysis for you on some of these properties.
Equip yourself with the right tools.
If you plan to do multiple short sale purchases, you’ll want to have the right tools and systems in place that will help you make deals faster and easier. Our REIgnyte Grow platform was built for novice and intermediate real estate investors who are wanting to grow their business. It comes with our dynamic CRM for managing every step of the customer journey, automatic instant comp reporting from three different resources, and it makes managing the inspection process easier than ever before with built in customized inspection reporting.
Right now, we’re offering an amazing Real Estate Investor Stimulus Package that comes with the entire REIgyte Grow platform AND Property List Manager at an unbelievable rate!
Inspecting the home is an important part of the short sale process as well.
You might want to call a professional home inspector who can conduct a thorough inspection of the property pointing out areas in need of repair, or at minimum do your own inspection. Our REIgnyte Grow suite has inspection report tracking included where you or your professional inspector can upload pictures, document necessary repairs, and track what’s been fixed or not.
If you come across a property that needs extensive work, you should also ask any necessary contractors to provide estimates for renovations or repairs so you can see if the costs for repairs makes sense according to the discounted short sale pricing being offered.
Lastly, conduct a title search to check for any liens or encumbrances.
These can muddy up the short sale process and eat into your revenue as well.
Doing your homework is important. Before you decide to purchase a short sale property, know what you’re getting yourself into first by following all of the research and informational tips in this article.
Want more real estate investing advice and coaching?
Check out more of our podcasts and articles here at RealEstateInvestor.com. We also invite you to join our free Facebook group Real Estate Investor Beacon that’s dedicated to providing free training and coaching for real estate investors as we move into uncharted waters due to the impacts of COVID-19.
Are you ready to build your business?
At RealEstateInvestor.com we believe in helping provide solutions and tools for real estate entrepreneurs who are interested in growing their business. We’ve got an impressive suite of tools and services to help make your life easier, and that scale with you as your business grows.
We solve everyday problems so you can focus on making your business great.
Don’t forget to check out our unprecedented deals!
For a limited time only, we’re offering unprecedented savings on our packages, making them more affordable than ever before. Whether you’re a novice, intermediate, or expert real estate entrepreneur we’ve got you covered. Check out our top of the line deals we’re offering right now here.
Our team at Realestateinvestor.com had the opportunity to meet with real estate superstar Jeff Cohn this week—virtually of course—to learn more about his experience with us as a three year Managed Service Member with RealEstateInvestor.com.
Our Managed Service Membership is a highly personalized service for professional real estate investors and agents who are focused on growing and working on their business, instead of in their business. This membership is most well known for our sales and marketing team that handles the lead generation and appointment qualification allowing our members to work with the most motivated sellers in their market.
Who’s Jeff Cohn?
Jeff Cohn is an industry leader and innovator whose team of real estate agents has sold more than 5,000 units for $1 Billion in sales over the past 13-years. Today, he’s also the nationally renowned speaker and host of The Team Building Podcast, the founder and CEO of Elite Real Estate Systems, and the new CEO of a tech-powered real estate market center in Omaha called kwELITE.
After Jeff shared the highlights of his customer journey with us as a real estate investor, our conversation naturally shifted to what’s been on everybody’s minds lately…
Life and business after the “Safer at Home” days of the Coronavirus pandemic.
From shelter in place orders to staged business openings and threats of second waves, many business owners have been working hard to keep their fear in check as our nation has navigated through multiple unprecedented stages this year.
Historical data shows that real estate entrepreneurs often make more money during times of economic hardship. But in order to seize this opportunity, they need to keep their head in the game and not give into fear and distractions.
We asked Jeff Cohn if he had any advice for real estate business owners who want to make the most of this upcoming market opportunity. Here’s what he shared.
Real estate entrepreneurs need to be more solution-oriented than ever before.
Providing multiple options and solutions for sellers is the key to being a modern real estate entrepreneur. Jeff has been embracing this for years by giving traditional sellers the option to list traditionally or take an instant offer that’s a guaranteed sale for less money. Essentially he’s been an iBuyer since before the term became popular.
Whether you have a few more weeks left at home, or you’re opening up for business right now, there’s never been a better time to get your menu of solutions fine-tuned.
What kind of solutions?
Let’s look at some of the solutions sellers will be looking for in this new market.
Some sellers will need to sell their homes fast.
Sellers who’ve lost their jobs or need to move closer to loved ones will need to move fast. Conventional listings often require a longer process than selling a home to a real estate investor. Every agent should either offer instant offers themselves, or partner with an investor. The same goes for investors being able to offer sellers a traditional listing by partnering with an agent. Here’s what Jeff had to say about this.
“Every appointment you go on in the investment world you can list traditionally. And every appointment you go on in the traditional real estate world, you can buy as an investment property. They feed each other. You just need to build the right team of agents and investors.”
Some sellers will take a lower offer if it means a guaranteed sale.
Since we don’t have a guaranteed timeline of when the world will recover from the coronavirus, or what the final toll on our economy will look like, sellers will take guarantees where they can get them. This includes taking an offer that’s 30% below market price if it comes with a guaranteed sale, and a 7-day closing. Jeff’s team has been offering a solution like this to prospective sellers for years and it’s helped him achieve great business growth.
Sellers won’t want people in their homes for tours or contractors making repairs.
Some sellers don’t even want their agent or investor to come in, much less a bunch of strangers during property showings and the home repair processes.
Since we’re in uncharted waters, it’s hard to predict if seller fear over having strangers in their home will dissipate once the coronavirus eases up, or if virtual touring and inspections will become a new norm. Either way, it’s important to come up with your solution for what you’ll do if a seller refuses to allow anyone in their home for tours or inspections, and if they want to only meet virtually with you. Here’s what Jeff has to say about this.
“The ultimate future agent who will survive and beat out the big-box shops has to give the consumer a virtual and a physical option.”
Jeff’s uses a solution called VRLY.
Jeff’s team at kwELITE utilizes a top-notch virtual marketing service called VRLY for all of their listings. Since they had this in place on all of their listings prior to the coronavirus, their agents haven’t missed a step when it comes to selling homes. It’s no surprise that they had a record making month last month despite the disadvantage of a pandemic.
Here’s how he’s adjusted for giving instant offer quotes.
When it comes to making instant offers, Jeff’s team can even do virtual tours where they have the seller show them around the home while on Facetime, Skype, or another similar video conferencing app.
Clients will need a low stress experience.
Needless to say, the stress is real right now.
Real estate entrepreneurs should utilize options and solutions like Jeff shared, to help mitigate the stress that comes with the home buying and selling process. Jeff’s team is pioneering this mission at kwELITE through his vision expressed below.
“Our one-stop-shop tech-powered office provides clients a simple, customized home buying and selling experience. Enjoy the flexibility of meeting with your real estate agent, mortgage lender, title company, and insurance agent – in person or virtually – at every step of the transaction.”
If you’d like to learn more about what Jeff and his team are doing, follow him on Instagram @JeffMCohn.
We appreciate our members like Jeff who are committed to being beacons of light in our industry.
We hope that this article has given you a few places to start when it comes to building a solutions menu for your clients. If you’re looking for more tactical advice for running your business right now during or after the coronavirus pandemic, we invite you to join our REI Beacon Facebook Group and our live webinars on Tuesdays and Thursdays. The links are below.
We’re all about providing solutions for real estate entrepreneurs!
Our mission at RealEstateInvestor.com is to provide real estate investors like you with solutions to help build, grow and scale your business. We’ve created a platform that nurtures every relationship, matches interests, and qualifies leads, enabling investors and agents to make more money while working less.
We measure our success by the quality of life your business affords you, and the quality of relationships we’re able to help cultivate.
We invite you to check out our full menu of solutions here.
We had the opportunity to interview real estate expert Jeff Cohn recently about his experience with using our Managed Services at RealEstateInvestor.com. Jeff Cohn and Clint Bartlett—owners of a popular real estate investment business out of Omaha, Nebraska called Dynamic Properties, have been members with us since 2016.
Keep reading to find out more about Jeff’s journey in real estate investing, how Dynamic Properties is doubling their 2020 business projections, and what Jeff and business partner Clint Bartlett think about being Managed Service members with us.
Strong 2020 Projections Proves Dynamic Properties Isn’t Planning to Lose Any Ground.
Jeff Cohn owns multiple successful businesses in the real estate industry and Dynamic Properties—which he owns alongside business partner Clint Bartlett—is no doubt one of them.
Dynamic Properties is focused solely on real estate investing and has grown year over year for the past several years. And their plan for 2020 does not include slowing down due to the Coronavirus pandemic. In fact, it’s quite the opposite…
This year they’re planning to increase their real estate investment purchasing from 50 properties in 2019 to 100 properties in 2020! Plus, they’re estimating that this will allow them to add more than $10-million in revenue generating doors to their bottom line!
Needless to say, these are exciting projections and our team at RealEstateInvestor.com is proud to be on this ride with them.
Keep reading to learn more about Jeff Cohn and Clint Bartlett’s experience using our services to help grow their real estate investment business.
Jeff saw RealEstateInvestor.com as a solution provider for his real estate investment company.
As a successful serial entrepreneur and business visionary, Jeff understands the importance of embracing technology and services that enable him to work faster and smarter. It’s this perpetual hunt for innovative workplace solutions that led him to RealEstateInvestor.com, where he and his investment business partner Clint Bartlett have been Managed Services members for several years now.
The Early Days of Dynamic Properties and Real Estate Investing.
Having bought investment properties here and there since 2011, Jeff Cohn has always seen the value of investing in real estate. But building his brand and an award winning team in the traditional real estate sector took priority over becoming a full-time investor for the most part.
Jeff joined business partner Clint Bartlett in 2014 in an endeavor to open up their Nebraska based real estate investment company. At first, they started small, with both Jeff and Clint running the business part-time and flipping a handful of deals each year as a pastime pursuit.
“The beauty of what I’ve found from a business standpoint is that real estate agents and real estate investors run parallel. If you’ve built a real estate investment company, then you could have a full scope real estate team by bringing on a few agents. And the same thing goes in the other direction. Agencies should have a few real estate investors as well. They feed each other.” —Jeff Cohn
Going All In To Grow And Scale Their Real Estate Investment Company.
In 2016 things changed when Clint Bartlett decided to make the move to full time real estate investing in order to help grow and scale Dynamic Properties.
With a desire to take this business from hobby to empire, both Jeff and Clint attended an event where they met Gary Boomershine of what is today called RealEstateInvestor.com. (Previously called REIvault.)
At that event, Gary shared about how our team of sales professionals works our member’s leads in their preferred zip codes, weeding out the tire kickers, and making appointments with highly motivated sellers for our members. This allows our members to spend less time on the phone and more time closing deals with those motivated sellers in order to grow their businesses faster
After learning more about the solutions RealEstateInvestor.com had to offer, including our CRM that allows them to track results in real time, Jeff and Clint decided to give our managed services a try in late 2016. They’ve been members ever since.
Here’s what Jeff Cohn had to share about their experience with RealEstateInvestor.com:
“A lot of the growth we’ve had has been while working with RealEstateInvestor.com.” —Jeff Cohn
Hard Work And Bold Moves Pays Off.
Like many of our other member success stories, making bold moves and taking massive action pays off. We’ve seen this time and time again where that extra effort and attention can be game changers for business owners.
Here’s what Clint Bartlett has to share about this:
“Up until June of 2016, this was a pastime pursuit for both Jeff and myself. I made this my full-time career, which also helped catapult our performance.” —Clint Bartlett
Let’s See Some Numbers! A Timeline Of Dynamic Properties Growth.
Numbers speak! Let’s look at some of the numbers Jeff and Clint have seen as Dynamic Properties has grown over the years, including since they joined RealEstateInvestor.com as Managed Service members at the end of 2016:
- 2014 Established Dynamic Properties, LLC (3 Deals)
- 2015 (5 Deals)
- 2016 (8 Deals & 5 Rental Doors)
- June 2016 is when Clint Bartlett went full time, and the 4th quarter is when they signed on as RealEstateInvestor.com Managed Service Members.
- 2017 (22 Deals & 20 Rental Doors!)
- 2018 (56 Deals & 20 Rental Doors!)
- 2019 (50 Deals & 20 Rental Doors!)
Their 2020 Goal: To close 100 Deals AND add an additional $10 million in value with new Rental Doors!
Wow, this is some amazing growth!
Way to go Jeff Cohn and Clint Bartlett at Dynamic Properties! We have zero doubt that you’ll hit your 2020 projections this year.
Why They Recommend RealEstateInvestor.com To Others.
As an entrepreneur in multiple facets of the real estate world, Jeff sees the value of leveraging systems and resources to grow more dynamic businesses. This includes utilizing our RealEstateInvestor.com Managed Services to help work lead lists and to fast track only the most motivated sellers directly to Dynamic Properties inbox.
Seeing our service as a benefit for real estate investors who are serious about growing their businesses, both Jeff and Clint help to refer industry peers to RealEstateInvestor.com.
Thank you Jeff and Clint!
We love our real estate community!
Our team at RealEstateInvestor.com loves seeing amazing growth stories like this one from our members who are busy building real estate empires. Thank you Jeff Cohn and Clint Bartlett for allowing us to be a part of your journey!
To see what’s going on at Dynamic Properties, check out their Facebook page and give them a “Like.”
But Wait, There’s More…
We were thrilled to be able to get some advice from real estate superstar Jeff Cohn while we were on the phone together. He shared his thoughts about running a real estate business during and after the Coronavirus pandemic, and he had so many great nuggets of wisdom to share that we decided to write an entirely new article on it. Be sure to read this article here.
Learn More About Jeff Cohn Below:
Jeff Cohn is an award winning real estate entrepreneur, nationally renowned speaker, and the CEO of Elite Real Estate Systems and KW Elite. He’s most well-known for leading the fastest growing real estate team in history, selling more than 5,000 units for $1 Billion in sales over the past 13-years, and taking home 2019’s top selling team in the world award with Berkshire Hathaway. He’s a nationally renowned speaker and the host of The Team Building Podcast. He also owns ancillary businesses in Title, Mortgage, Insurance, and Real Estate Investing.
Follow Jeff Cohn on Instagram @JeffMCohn!
According to BiggerPockets.com there are 28.1 million Americans who consider themselves to be real estate investors. That equates to 1 out of every 8 American adults. This statistic can be staggering, perhaps even terrifying for those of us real estate investors who are in this business for the long haul. But what does this statistic really mean? Is the market truly oversaturated? And how can new and existing real estate investors make it to the top with this much competition?
The sea of real estate investing entrepreneurs.
If you’ve ever been to Times Square during a celebration, New Orleans during Mardi Gras, or Black Friday shopping, you’ve likely experienced the intensity of being in a herd of people jam-packed so tightly together that personal space is nonexistent and all you can do is shuffle your feet forward and pray you don’t fall because nobody’s going to stop.
Now imagine what that scene would look like if you tried to stuff 28.1 million Americans who consider themselves to be real estate investors, into a place like that…
If Times Square can only hold 51,000 people, 28.1 million people would be outright ridiculous! We’d look like a massive sea of real estate investors stacked together tighter than sardines in a tiny tin can. Forget trying to shuffle forward inch by inch to get anywhere. After all, with millions of people surrounding you, it would be nearly impossible to see more than 10 feet ahead at any time…
Is anyone else feeling a bit claustrophobic in here? Or is it just me?
Let’s look at how different types of investors would navigate the sea of real estate entrepreneurs.
The investors who are looking for easy money will see that sea filled with 28.1 million competitors and throw in the towel before even trying to attempt stepping foot in it.
Some other investors will start their way into the sea with excitement and fervor. Then after spending a few months trying to push and scoot their way through that crowd, they’ll exhaust themselves. Burned out, they’ll look for the nearest emergency exit that leads them out of the sea and back to their previous careers.
Now, there are also the investors who will simply dip their toes into the sea. They might have a rental property, perhaps they’ll even try to flip a house. But that’s the extent of it. They’re counted in that 28.1 million people statistic making it relatively disproportioned when looking at the career investors. But these are the people who’re simply looking for a little bit of passive income to help with retirement or residual income.
What about the serious real estate investors like us?
The serious real estate investors know the best way to navigate the sea.
Among the sea of people there will be the few investors who want this bad enough that they’re ready to fight for their dream. They’re wise and they understand that alone the sea will be impossible to break through. But together, they can use their strength and momentum to help pull each other forward.
They communicate with others like them by passing messages back and forth through their pipeline, and eventually they pool together their combined resources to form a chain. And one by one, they heave and pull, moving each other forward a few feet at a time. They repeat this same process again and again saving investor after investor.
Day after day they use all of the resources at their disposal and the power of each other’s strength and momentum to pull additional real estate investors out of that sea of 28.1 million and onto the land of success.
Alone they didn’t stand a chance, but together they not only survived, they thrived.
Successful real estate entrepreneurs invest in each other.
What do the most successful leaders in real estate have in common? They understand and utilize one of the most powerful resources available in life—People. Their ability to cultivate strong relationships is what drives their success. It’s what separates them from the sea of 28.1 million.
They understand that relationships are about give and take. Sometimes they’re learning from others. Other times they’re teaching and mentoring. They understand that there’s more than enough real business out there to go around, so they give their ideas and suggestions freely to their community.
At RealEstateInvestor.com we’re a community.
Being real estate investors ourselves, we understand the value of working together and investing in relationships. So much so that we measure our success by the quality of life your business affords you, and the quality of relationships we’re able to help you cultivate.
If you’re feeling like you’re alone and stuck or drowning in that sea of 28.1 million, we want to extend our hand out to you. We can help save you… Ask us how.
Want to meet our community in person and learn from industry experts?
We’re highly active on social media and post daily content to help you become the BEST, most successful real estate investor you can be! Be sure to like our Real Estate Investor Facebook Page, and join our REI Beacon Facebook Group for daily content!