How One Of The Top Real Estate Investors In The Country Made It To The Top
As we’ve discussed many times on our blog, one of the best ways to become successful in real estate is to surround yourself with other successful investors. If you don’t know any or can’t meet any in real life, the next best thing is to watch me interview them for our podcast.
In today’s episode, I’m talking to Jeff Cohn, who is one of the most successful real estate investors in Omaha, closing over 120 deals last year, and he’s on track to improve that number this year and beyond.
In these interviews, I always try to pick the brains of my guests to find out what drives them, as well as what tricks they’ve utilized to make it in this business. Jeff had some pearls of wisdom that I want to share with you.
Although I’m highlighting some of the top picks, you’ll need to watch the rest of the video to get the full perspective of what he had to say.
2:53 – Although I Was Making $350K, I Wasn’t Happy Where I Was
Unlike most of the investors I bring in to interview, Jeff began his career on the Realtor side of things. He was making deals, selling residential homes, and earning a commission on each sale. Interestingly enough, he started just before the 2008 housing crash, but even with that kind of learning curve, he was able to master his skills and make a lot of money in real estate.
In fact, Jeff became so good at being a Realtor that he was easily breaking over $350,000 net in a year. However, because he was working so much and so hard, all of that money didn’t seem worth it – he wasn’t living the life he wanted, so he decided to make a change.
The reason I point out this part is that it’s so crucial to love what you do in this business. You could be making six figures every year, but if you’re not happy with where you are and what you’re doing, it won’t make a difference what your bank account is like. Find your purpose in real estate and build from there.
4:55 – The Mark of a Good Business is for it to Run by Itself
I’ve heard similar mantras from other investors on this podcast, but it’s such a valuable piece of advice that I can’t seem to stress it enough. If you’re working 50, 60, 80-hour work weeks, you’re probably getting burnt out and ready to quit. However, ask yourself why you need to be the one doing all of the work. In most cases, you don’t have to.
Part of what has made Jeff so successful in real estate is his ability to find the best people in the industry, as well as develop systems and teams that work well together to generate leads and close deals. However, when it comes to the day-to-day operation, he’s almost completely hands-off the organization. Instead, he lets his people run things while he just sits back and collects a check from each deal.
As an investor (or any kind of entrepreneur), this should be your goal. No one can sustain 80-hour weeks for too long, and you shouldn’t be killing yourself to make more money. Instead, find the right people, create a thriving culture in your business, and let things run autonomously. When you make it happen, it’s one of the most liberating feelings in the world.
7:50 – I Have Two Clients: One is the Realtor, the Other is the Seller
I asked Jeff if he believed that real estate is really a sales job, and he agrees. However, part of the reason why he makes so many great sales is that he understands that he’s not just working with buyers and sellers. Connecting with the best agents in the industry can help facilitate these deals and generate more leads and more money along the way.
Jeff wouldn’t be where is his right now without his incredible staff. However, to get world-class teams together, he has to find the right people first and retain them. We discuss how to do this in the next clip.
8:56 – Retaining the Best People by Offering Value
One of the first questions that many of you may be thinking right now is “how can I retain top-quality people?” The answer is simple – offer them an easier and more reliable alternative to moving forward solo. Overall, if you can provide comfort and convenience with similar or better returns, then there is no reason for top people to go anywhere else.
9:55 – “Leaders Serve Their People”
Although there are plenty of other valuable insights that Jeff and I discuss later on in the interview, one line that I find particularly inspiring is that “leaders serve their people.” The people in this statement are both the employees of the business as well as the clients and customers.
Your staff isn’t there to serve you – you’re there to serve them. If you don’t recognize the value in that, you will have higher turnover, and you’ll wind up with less valuable people, which can detract from your success.
Watch the Rest Here
There’s a reason why Jeff is doing so well in real estate, and I pick his brain for quite a while. This video is a helpful guide into what it takes to be successful in this industry, and I know that you’ll find it as informative as I did.
Once you’re finished watching, be sure to contact us at REIvault to see if our shared services are right for your real estate business.