Epic Real Estate Investing - 11 Smart Strategies to Grow Your Real Estate Investing Business | 962

Episode Date: March 19, 2020

Did you hit a plateau with your REI business? Or, it’s not growing as fast as you would love to? If yes, Mr. Theriault has 11 smart strategies to grow it further! Tune in and find out more!   Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit R-E-I-Ase.com.

Here's Matt. Hello and welcome to the epic real estate investing show. This is your first time here. Really glad that you found us. If not, welcome back. And today, you know, if your real estate investing business has hit a plateau and it happens, it happens to all of us. It happens to the best of us. Or if your business is not growing as fast as you'd like it to, I've got 11 smart strategies to help you grow your real estate investing business.

All righty. So number one, send an email to your leads. And I know that sounds simple, but, you know, many real estate investors will generate leads and not contact them ever. They like to generate leads. They like to collect them. They like to look in their little CRM and say, ooh, look at all the pretty little leads I have. But they never call them. They never contact them. And if they do contact them, they stop after the first or second conversation or the first or second attempt. And no Knowing that's what most of your competition is likely doing, because that's just kind of human nature, particularly the newer people in the industry in the field. Knowing that that's what your competition is doing, this represents an amazing amount of opportunity for you. So just send an email to your leads.

And this will work with a text message as well. So if you don't have the email address, do it in a text message. And it could be something as simple as, are you still interested in selling your house at 123 Main Street? and just make that a normal practice once per month. You can do it once a month with the text message. You can do it once a month with the email. You can do both. And just make that a normal practice and you will do more deals.

And your real estate investing business will grow. Something that simple will have an impact. Just got to be consistent with it like you need to be with all your other money-making activity. So that's number one. Number two. Build new relationships. This is a people business. I know I've said that at least once here before.

And if you're not talking to people on a regular basis, your potential will be severely limited. So talk to buyers, talk to sellers, talk to lenders, talk to professionals of every industry and be certain they all know what you do. And with those relationships that you're building, really focus on becoming a value in those relationships first before you expect to get value in return. In fact, to do it this way, be of value inside of those relationships and don't expect anything in return. And you'll see magic starts to happen when the giving comes from a person that doesn't have expectations attached to it. It's received in a much different way than the exchange of expectations or reciprocation is expected. It's going to happen anyway. Just don't expect it.

But it's going to happen. And start sending out personal notes. Adopt this principle or this practice. Personal notes, send those out on a regular basis to nurture those relationships. Because it takes time to build relationships. It's not just meet them at a RIA group and, ooh, nice to meet you, and now you got a relationship. And now all of a sudden, you know, there's going to be this mutually beneficial exchange going on on where you're both going to generate new business for each other.

It doesn't work that way. It takes time. But it's worth it. You know, almost all of Mercedes and my business now comes from our relationships, the relationships that we've built over the years. And the translation really there is the marketing budget to do real estate is very, very small for us because of those relationships. So invest in those relationships, become a value in those relationships.

Almost what I like to think about is, I got this from Gary Vaynerchuk. He said, his mission is to guilt people. into doing business with him. He wants to give you so much that you feel compelled that you must just because you've gotten so much value from him that you have to enter some sort of business relationship with him, whether you buy his shoes or he bought his, you know, his little, his book or whatever it may be. Okay. So think about those relationships. Guilt people into doing business with you, but do it without expectation.

Number three, create an irresistible content offer to capture. leads. What I mean by that is like a knee book or maybe an actual book or a free report, something like that, something that's going to be or is going to catch the interest of the person that you're trying to attract, the person that's going to have the most impact on your business at the moment. For example, you know, like five things landlords should watch out for with new tenants, something like that because that's going to attract landlords and that's who you want in your circle or that's who you want in your CRM and in your follow-up system or you know the nine most valuable improvements of a new income property right so offering free e-books and reports and

and just books period i mean it's so easy to write a book these days there's so many different services out there that you can write a book and you know that's a couple hour conversation over the phone with a ghost writer and they go and put it in a book form for you and boom you're done i think they even have stuff like that on fiber for really really cheap it's not going to be the highest quality or anything, but you can get most of the work done and you can go back and edit yourself and you can get that done relatively easily and extremely inexpensively. And so you'll have that e-book or that report or that actual book and you'll just exchange for an email address and for your clients. It's a great way to capture leads. Okay, so that's number three. Number four, create a killer

business card. And if you just get an awesome looking business card, something that's very unique, and place a call to action on the back to this irresistible content offer you just created. You know, and your business cards, then you just want to hand these out like pizza flyers on a college campus. The business cards should be like, you know, get your free report, 13 ways to find new tenants that pay their rent on time, something like that. Who's going to be attracted to that?

landlords whose tenants aren't paying their rent on time. But something like that. So put a call to action on the business card. It needs to serve a bigger and greater purpose than just having your name and phone number on it because no one's ever going to call it unless they have a reason to. So give them a reason to. Number five, build your Google business page, your Google business page. And this is really, it's a no-brainer for all businesses. But it's something that very few real estate investors consider.

or take advantage of or even know about. Because with a Google My Business account, you get more than a business listing. Your free business profile, it lets you easily connect with your customers and your clients and your prospects across all of Google Search and Google Maps. It's totally free.

And Google gives you preference in search results to their Google listings. So take advantage of that. Just go Google, Google Business, and you can put a free listing up there, and boom, you're done. Oh, and the key thing there is to fill in every single blank, or answer every single question to is completely and as thoroughly as possible,

because that improves your search results. Ready? So that's number five. Number six. This is one of my favorites. It's how Mercedes and I built a big portion of our business, especially in the beginning, especially when we had very little marketing expense or a budget to afford marketing strategies

and techniques, so we had to get really creative. And so what we would do is we'd host free workshops for our ideal prospects. And at the time, we started with how to navigate the short sale process and then moved into other things. So make yourself and your knowledge available to your community by hosting these many little workshops. And consider just providing basic 101 workshop information about, you know, but it's about the basics of being a landlord, the basics of navigating foreclosure, or the basics of fix and flipping in your market or the basics of how to find off market properties. You know, what I used to do was also at the end of every one of those little workshops,

I would show this is the latest deal I'm working on and this is how I'm putting the deal together. And people would just be so, you know, they'd be like, wow, look at that because the creativity that was involved because they only knew one way. Most people only know one way to go out and buy a property and that's to go out and and find a real estate agent and then go hook up with a bank lender and then go out and make an offer and for full price. And that's how you bought houses. When they started seeing these other creative ways of how I was making money and what the stuff I was doing, that attracted all the right people to me. It attracted a lot of partners, attracted a lot of lenders to me. And of course, it attracted

all kinds of sellers to us with the workshops that we're doing. Because people, they want to do business with experts. And if you position yourself in your market as an expert for these types of subjects, people are going to approach you to do business with you. They're going to come to you. It's just how it works. All right. So that's number six. Number seven, partner, partner with local businesses. You know, developing relationships with other local businesses. This can be a really huge boost for your real estate investing efforts. So reach out to family law attorneys, reach out to CPAs, reach out to property managers, reach out to any business that you can think of that has your prospects, that

already has your prospects that's already interacting with your prospects, but you two don't compete either. Right? So a family law attorney is a great association for a real estate investor to have. And again, a part of building their businesses or excuse me, a part of building the relationships is giving first. Start just start referring these people businesses or excuse me customers. Start referring them business. So refer clients to the attorney and the CPA and the property managers and just keep on doing that, becoming a person of value inside. of those relationships and with those particular businesses, it's not, it wouldn't be awkward for you to have that partnership type conversation and see what you can do to scratch each other's back.

All right. Number eight, leverage your lead tracking. This is really important. It's probably more important today than it's ever been. Well, it's always been important, but it's probably easier to do and more affordable to do than it's ever been. You know, technology can really simplify a real estate investing business. As you've heard before here, the fortune is in the follow-up. You've heard that before, and you've probably heard it countless times. You've heard it probably so many times that you don't really pay it

any mind anymore. But don't let that happen to you. Don't fall into that trap. Just because you've heard it a lot doesn't mean it's any less true. All right? So the fortune that's in the follow-up, but in order for you to follow up, you have to be able to capture your prospects information, right? So you need a call capture phone number system. So when people call you, whether they leave a message or not, you've got their phone number. You can do this now with all the different texting services. You can text a keyword. Like you can combine these with your irresistible content offer I talked about earlier.

You know, text a free book to this number and get a free copy of the seven ways to get your tenants to pay on time, something like that. And when they do that, then you capture that information. And then also, kick it up a notch. Don't stop there, even though those two are a really good start. But keep going and learn how or have someone do it for you to create digital audiences through marketing pixels. And have those marketing pixels placed on your website, have them placed on your landing pages. There's services now. You can actually have them embedded in links.

So if somebody just clicks your link to check out your book. And even if they don't download your free book, you can still capture their information, because they clicked that link. And then go just, and to do that, then you just go run a search of how to set up a retargeting audience. That's what you'd want to search. And that's how I learned how to do it. I went to YouTube and how to set up a retargeting audience.

And you can do that for Facebook. You can do that for Google. And there's no shortage of videos over there showing you exactly the step-by-step technicalities of how to do it. All righty. So leverage your lead tracking. Number nine, embrace that real estate is a game. game of speed.

You've got to act fast. You have to get faster with your response times to leads. You've got to be urgent about setting your appointments. You've got to get your contract signed. You've got to get in front of the seller and put a written offer right in front of them so they have the ability to sign.

And you have to give them a really good reason that they'd want to sign and sign right away. Your competition, they're getting faster. And if you want to beat them, this is a really good way to do it. Because, you know, in this day and age, people are really getting impatient. Everybody wants everything right now.

You know, I heard a different type of perspective on the success of Uber. And Uber, people are confused or think that Uber is a transportation company, and what they're selling is transportation. They're selling rides, right? No, but what they're actually selling is time. People are impatient. They didn't like to go to the phone book or the yellow pages. or even to search on their phone for a cab company to call

and then not know whether that cab company was even going to show up or not. Maybe, I mean, probably a lot of you can't even relate. I have no idea what I'm even talking about. But you'd go into a bar or a restaurant. You'd walk up to the pay phone. You'd look for the, there would always be a phone number or a sticker or some type of business card with a cab company.

And then you'd call that cab company on the actual phone, tell them where you were, give them directions. and then they'd say they'd be right there. And you know what? Sometimes they showed up. Sometimes they didn't. And you didn't know if they were going to or not. And you couldn't even track whether they're on their way or anything like that.

And that's the way it used to be just to get transportation somewhere. If you didn't have a car or if you didn't want to drive or whatever it may be. But now with Uber, they're not selling transportation. They're selling certainty. And they're selling speed. They're selling time. And people, that's what our society is evolving. into people are impatient and you know at one time that metric for us getting back to leads was like

you'd always hear like you got to get back within five minutes you got to get back within five minutes well now no you got to get back right now or they're calling and contacting someone else and a really good way to thwart all that or to preempt that is just to answer the phone live answer the phone live as often as you can set that appointment and go this is a game of speed and the faster a person is going to win. And there's probably a few people in your market that are really fast, but most of them aren't. So you can get way ahead of the majority of all those people that are in your market by just being quicker to respond.

Quicker to pick up the phone, quicker to get back to your leads, quicker to set the appointment, quicker to get the contract signed. All right? It's number nine. Ten. This is probably, could be my favorite. Let me get through all 11. I'll kind of determine that.

But 10 is creating your environment. Be intentional about. who you spend your time with. There's no greater shortcut in business than associating with like-minded people and associating with doers, action takers, and getting in a situation or a structure where you're able to collaborate with them and share ideas with them. This is commonly referred to as masterminding.

And with the mastermind, you can do this with small little groups of your own. You can create it yourself or you can join in an existing one. They come on all shapes and sizes and prices. You know, I've been involved in masterminds for as little as $15,000 a year. And I've spent more than $50,000 a year for a mastermind. And there are masterminds much bigger than that. And there are other masterminds that are free to get in it as well. And they seem to be popping up everywhere.

And from my experience in masterminds, what I've learned is don't look for just real estate masterminds. although you should, and you should be involved with one or two or three, but also look for general business masterminds. Look for masterminds where there's a makeup of successful professionals that lie outside the real estate industry. You know, I've belonged to both, and they've both been very beneficial, but I will say that my biggest breakthroughs have come from professionals of industries other than real estate. Because when you're looking at a business from one perspective of a bunch of real estate investors, you're going to get one angle. You're going to interact with some smart people, some people that have some different ideas and takes on things,

and you're going to get some great breakthroughs that way. But when you can step outside the box and look at the ingenious thing that the chiropractor down the street is doing to run his business or the attorney is doing to run their business or the accountant of what he's doing to run his business. So the breakthroughs can be extraordinary. And what's even greater about those types of masterminds that I have found, they're a lot more giving. They're a lot more open because that the underlying insecurity of giving away your secrets

to potential competition, that disappears because I'm not competing with the chiropractor. And the chiropractor say, here, I'll give you all I got here. You can just flat out copy it. Just change chiropractor from chiropractor and change it to real estate investor and you can just have it. That's happened so many times and it's been such a time saver. And then it's created so many different breakthroughs for my business. So create your environment. That's the point I'm trying to get at.

Get around people that are doing exactly what it is that you want to do, whether that's literally what you want to do inside of real estate investing or just succeeding at least. life if that's what you want to do. All right. So create your environment. Number 11. Now, maybe this is my favorite one. Actually, 10 was really strong, though.

Create your environment. That's a big one. But here's 11. Is write more offers. This is going to have a bigger impact on your business, specifically the number of deals you do. The more offers you write, the more deals you're going to do. And if you're doing more deals, obviously, you're going to make more money.

And that's going to have a really big impact on the growth and development of your business. And I did. share this one with you last. It is number 11. But it's the first one that you should implement. So I wanted to be the last one you heard. So it's that it's the first one that you can implement. It's the easiest one to implement as well. And it's going to produce the fastest results for you also. So every day, the first question you should ask yourself, who is going to get an offer from me today? and don't stop working that day until you've written at least one offer. Incorporate that into your business. Make that a practice.

Because if there's no offers being written, I don't care if you're doing all of this other stuff perfectly well. I mean, you're doing it absolutely right. You're just a total rock star and an expert in everything else that I've ever shared with you. If you're not putting your offers in writing and presenting them to sellers, you're not going to do deals. Put your offers in writing, put your offers in front of sellers and give them the ability to sign. All righty, so there we go. There are 11 new smart strategies to grow your real estate investing business. Now you know, all there is to do now is do what you know.

God bless to your success. I'm Matt Terrio, living the dream. We got the cash flow. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. You didn't know home for us. We got to dash low. This podcast is a part of the C-suite Radio Network.

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