Collecting Keys - Real Estate Investing Podcast EP 34 - Picking the Right People: Building A Team To Win
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In the real estate industry, interacting with other people is a non-negotiable. You need to build a connection with others and establish relationships to bring your business to the next level. But for that to happen, you need to start by finding the right people.
In this episode of Collecting Keys Podcast, we share our tips on how to find the right people — both in hiring and selling properties.
Here are some power takeaways from today’s conversation:
- Hire people with skills you don’t have
- Value your employees and give them opportunities to grow
- Build connections with potential buyers
- Find cash buyers in your market
- Participate in joint ventures with your competitors
Episode Highlights:
[01:27] Hiring
Mike and Dan are in growth mode, so they’re focused on hiring. Running a virtual company necessitates that they hire people who are good communicators.
When hiring, offloading tasks shouldn’t be your only aim; you need to hire people who are better than you. These people can fill in the gaps in your knowledge or skills. Even without the revenue to pay a large group of employees, you can find a smaller set of the best people and bring them to your business.
[13:43] Finding the Right People
Mike and Dan have found most of their best hires from social media or referrals. Go straight to the source where you can find the kind of people you want to hire. Present them with an opportunity to invest and grow. Build trust and loyalty with employees. Don’t shortchange or undervalue them.
Listen to the full episode to find out how Mike and Dan find their virtual assistants!
[21:10] Finding Buyers
Facebook groups are the easiest way to find cash buyers. Learn the big names in real estate. Connect with potential buyers and build rapport with them. Don’t rely too heavily on outsourcing to third-party services; it can harm your business if they aren’t trustworthy or go belly up.
Find cash buyers in your market. Start with a large funnel and filter down until you find the perfect buyer. Know your competitors and conduct a JV with them so that you can learn how to make deals and gain access to better buyers.
Notable quotes from the Episode:
[13:13] “If you want good employees, you have to already have the opportunity there, and then make it available for them to capture and benefit off of it.”
[17:39] “If they are doing that task and it's taking them half the time, who cares? It's doing what you need to do and, realistically, it's costing you so much less than if you hired an American person to do it.”
[37:22] “Don’t be afraid to get involved in your local community with other investors. And don’t be afraid to collaborate with people.”
Resources Mentioned: