Collecting Keys - Real Estate Investing Podcast EP 24 - Systems For Success
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Systems for Success
Episode 24: Show Notes.
If you don’t have systems in place in your business, you will end up wasting a lot of time and money chasing leads that aren’t worth chasing. We’re big advocates for putting a lot of money into marketing, but we make sure that every dollar that we spend is either getting us a client or helping us better understand who we shouldn’t be targeting (the latter of which is the case the majority of the time). In today’s episode, we discuss the types of systems you should be incorporating into your real estate business, the four types of leads that exist, and why rising interest rates shouldn’t worry you as an investor. The real estate industry is a soft landing for failures, so unless you are being malicious or negligent, you’re not likely to get into any trouble for making mistakes, but rather than making the same mistakes we did, listen in and learn from ours!
Key Points From This Episode:
- An overview of our Instant Investor Program, and where you can sign up today. [00:04]
- Some highlights from Michael’s recent trip to Costa Rica. [01:56]
- Michael shares some of the epiphanies he had while he was away. [07:31]
- Why we stay in touch with sellers who have slightly unrealistic expectations about their selling price. [11:26]
- The importance of pre-screening your leads. [12:23]
- A brief description of the four different types of leads that we get. [13:51]
- Our reasoning for putting a lot of money into marketing. [14:50]
- Systems that you should be putting in place in your business. [16:29]
- What we consider to be a good response rate for a marketing batch. [17:45]
- Some of the mistakes we made in the early days of the business. [19:06]
- Why the real estate industry is a soft landing for failures. [21:00]
- The trouble that we are having at the moment with a client. [23:43]
- Why Michael doesn’t think the American housing market is at risk of losing value because of the Ukraine crisis. [26:35]
- When a rising interest rate will and won’t affect you as an investor. [28:20]
- Why having a short-term investment mindset is going to result in disappointment. [31:43]
Tweetables:
“[Traveling to less privileged places] gives you perspective. That’s why it's super important.” — Michael DeHaan [0:10:36]
“Don’t think every lead is the only lead you’re going to get.” — Dan Austin [0:17:37]
“The only time you’re going to get in trouble is if you’re negligent or malicious.” — Michael DeHaan [0:21:00]
“That overnight paycheck doesn't really exist, that’s the exception. We’ve had some big wins here and there but that’s not what we invest for.” — Dan Austin [0:31:44]
Links Mentioned in Today’s Episode:
Collecting Keys Podcast on Instagram