KGCI: Real Estate on Air - Should You Get Into The Real Estate Business With Family?

Episode Date: July 1, 2024

Welcome to the Real Estate Fight Club, a podcast for agents, where you'll witness a battle of opinions about topics affecting your real estate business. There are many ways for agents to achieve success. The secret is to find which approach will work for you. Now, always in your corner. Here are your hosts, Jen Mertland and Monica Weekly. Welcome to another episode of Real Estate Fight Club. What's up, Jay Mert? I am excited for this episode, Monica. You have pulled out the big guns today. We're going to throw down.

We are going to throw down. It's going to be hard because our guest is living the argument, and I'm just going to freaking probably argue against it, and I have nothing to back that. So we'll see how this goes. What's our topic, Monica? Well, oh yes. Well, would we like to know that? All right, guys, as always, we appreciate you joining us for the Real Estate Fight Club. We love it when you go to, you know, the Insta Talk and all of the things and follow us everywhere and subscribe and share and all the things we do in social world when we love something as much as we love the Real Estate Fight Club. So thank you guys so much for being here. And today, Jen and I and our very special guests, which we will be introducing here shortly, are going to argue and fight and duke it out over. this subject. Should you get into real estate with a family member or family members? Should you

partner, whether that's taking over a business that's existed or creating one with a family member, this is all about families here. So Jen, introduce Corrine to everybody. Yes, this is Corrine Kinsey Larson. She is with the Kinsey team at Remax Alliance in Colorado. Also, So, Corrine and I just started a podcast called Lead Like a Woman, where we interview with female leaders, not only in real estate, but in other industries to talk about leadership and success and how it's changed. Welcome, Corrine. Thank you.

I'm very excited to be on today. Like I was telling you, I've listened to your podcast before Jennifer even called me. So it is an absolute privilege. I appreciate your work and all the things that you are doing and discussing in the real estate world. Monica, we have a super fan. I love it. We better get her some swag. Better get her some swag. Okay, I'll take some swag. Yeah, yeah. So, Corrine, give the listener a little bit of background about the Kinsley team and how it started and your role on the team. And you answering phones as a three-year-old in the office. Yes, I was. So my parents, I joke that my dad has been in real

estate since real estate began. I think he's had his license for 54 years now. And was the old school realtor in the 60s and 70s when brokerages were small and boutique and things were very, very different than they were now. Only seller representation back then too. And it very, it pretty much, yes, seller representation. And that has changed. There's been a lot of evolutions of representation over the years for sure. But we grew up where our residence phone number was plastered all over my dad's business cards and flyers. And so we were representatives of his business from the time we were tiny. And so I had strict instructions to answer the phone in a certain way and always be polite and professional. Do you have to wear a suit? I did not wear a suit,

although I walked to their office every day after school and I pretty much grew up in a real estate office. I made money by helping the agents pass out things in neighborhoods or put flyers together or do any office related things. So I was born for this. I was born for this. I wonder sometimes. I don't know. You know, you wonder like this lifestyle sort of chose me. You wonder at some point, did I even have a choice in the matter? I'm not sure that I did. Doesn't seem like you did. No. Yeah. So I went away to school and started working in Denver. And I'm a country girl. I'm a rural girl. And I just didn't quite fit in in the city. And so I called my dad and I said, all right, dad, I'm coming back. And he was excited. And I was 23 years old. And the rest is

history. And now you are the team leader for the team. I mean, you basically, you run the team now. And yeah, your leadership journey is interesting in itself. But let's get back to like the fight. So now knowing what you know, if you did have a choice, which I think we established you didn't, do you think that what do you think about getting into business with family members? Yes or no? Pros cons. Yes. No. What? For me, it's an emphatic yes. Because, My dad was my mentor. He taught me everything I know. He had such an invested interest in me that I went with him on every appointment. I went and our business is in unique. I do a lot of residential, but I also do a lot of farm and ranch property. Okay. And that is a very specific bit of information. I mean, it's a very specific niche within the real estate world. And you just have to be boots on the ground, walk in the farms, understanding the irrigation systems.

Do you think if his business, if he developed his business differently, like let's say he was more like just regular neighborhood residential, your answer would be different? Well, I just think it probably depends. You know, I never thought to ask myself this question of what is my dad's reputation in the community? Yeah, like what if people hated him? What was that? Right.

Like, what if it was bad? I fortunately was not bad. I mean, my dad is a character. I mean, people remember him and know him and ask me about him all the time. I mean, he is just this infamous character. So fortunately, he has a very north pointing moral compass. And he and I have always agreed on that and we've run our business that way. And so fortunately, I mean, I've never had an argument with him over how we should practice business and the right things to do or anything like that. I mean, there's been lots of family arguments over us.

other things. Other things. Kareen, is that because he released the business to you? And I'm sure maybe had some opinions, but let you go ahead and take the reins? Is that because of his leadership style that you haven't? No, he only recently begrudgingly let me have the reins. Okay. All right.

So you just were a good little girl and never argued with your dad, Ben. Well, no, I mean, I did in my own way. but I do have to say in the last several years, as he slowed down and retired, it has been really great to implement my ideas and strategies because they differ. And I think that's, is that more market driven or like more because the world of real estate is changing?

Or is it because you didn't, you don't think it's changing. You just want to do it differently. I just have this philosophy of the focus needs to be on the team as a whole and not me as the individual. Because I fundamentally believe that every success. Fundamentally, I believe, yes. Yeah, I mean, every success comes from a whole team effort.

And if you think you did it by yourself, you're absolutely wrong. Somebody supported you in some capacity along the way. And our team is dynamite. I mean, they are so good at what they do. And we're all very different. And we all bring different bits of education. and elements to the team, which makes us rock solid. And I always want the focus to be on us as the collective because we are stronger that way than

anyone. But your team is named after it's your family name. It is. So would you change that name if it were different or would you keep it? I think I would probably change it to really implement my philosophy. but the problem is, is I have 50 years of recognition. Yeah. You're not that name.

So you'd be an idiot to not take advantage of that. Yeah, that's right. I'm curious. So from my side, without hearing your story, and obviously your story is unique, and it sounds like your dad is amazing. What's his name, by the way? Lou Kinsley.

And my mom, I give credit to my mom. She has been by his side and helped him the entire way. Like, we truly are a real estate family. That's awesome. And before hearing your story, and there are maybe a couple others that I feel that it works, I've heard way more nightmares than success stories on the idea of family members getting into business together. But that's like partners in general, though. It is. It is. Yeah. It's not just family members, but.

But it's like to Corrine's original, like, original point about I never, she never thought to ask herself, what is her dad's reputation? That's like the whole point when they people go to partner with each other. It's like, they're not asking like, what is our business philosophy? what is our personal philosophy? What are we putting into it? What are we expecting out? They don't ask these hard questions. They just partner together.

Which you should because this is like a work marriage. My business partner and I, because we brought Tyler on almost 10 years ago. He's not family though, yes? Yeah, why is he's not family? He's the adopted brother. We joke that he and I operate as siblings and we very much do. But we fundamentally have the same.

morals and values. And we both work exceptionally hard. And there's never a question ever of, I know Tyler's working as hard as he can. And he knows I am working as hard as I can. And we're solely dedicated to our buyers and sellers. And we just have this unwavering purpose to do right by people. And when you're both service-minded that way, you just have to have to have have the same philosophy of what you want out of things. But Jennifer, I think you're absolutely right. You have to ask those tough questions before going into partnership with somebody. And I think compensation throws people. I think that's the weeds that everybody gets caught up in. And I mean, Tyler and I are 50-50. It is equal. And I never, nobody ever looks at numbers.

It's the team. We are collective. doing this as a team. And it very much works because of that philosophy. And you've never had a moment where you're like, what the hell is Tyler doing? I don't, I feel like I'm bringing all the clients in. And he's never had that moment. Do you think like, has there been a little bit of that over time? Or? I just think of it as seasons. Like there have been seasons in my life where I need more support. And there are seasons in Tyler's life where he needs more support. And fortunately, our kids are different ages, which has been great in that we're a little bit on a different parenting ride. And I don't think of it that way. I just know that this is my time to support. And he feels that,

okay, this is my time to support, knowing that when we're through that difficult time or child that needs us or whatever the situation is, that we're going to come back full force. And our team believes in taking time off completely, preferably out of the country. Nice. Yes. You don't get a break in this business. You will burn out. And it is an all-consuming business. And we believe in every person on our team deserves some time off. And the rest of us rally and support around that because you come back refreshed, rejuvenated with new ideas. and that balance piece is incredibly important. Hard to implement, but important.

Well, but that's the thing, right? So it's like, it's almost like the question, it's not should you partner with family, it's even should you take a partner at all? And it does it actually, Monica, do you think it matters who it is? No, I think it matters. I've always said this,

like when I'm talking to agents who are thinking about creating a team or a partnership, is create the need or the position first, then you find the right person. But too often, agents are like, yeah, I'm my best friend and she's an agent. We want to do something together. And we're both new. They're always like, we're both new and we're both in the same place.

You're building something that then has an org chart. And when the position comes open that you need for that next level growth, then you fill it. And you fill it carefully. And if it is perfectly suited with a family member, then okay, I think that carries some extra challenges because there's Thanksgiving Christmas. Yeah. Right. But, um, and that's interesting that you say that because that's exactly how our team evolved where

we've had support staff. But when I was looking for my dad to slow down, I said, I cannot, I have a family. I have a husband with a, his own business. Like I cannot work 24-7. I will be divorced and my children will hate me. I need somebody to partnership to create a partnership. that we are equally invested in, that allows us flexibility. And then we have a marketing support person, Anna, she is amazing.

She's an interior designer. Like, who gets an interior designer on their team? I mean, she meets with all of our sellers. And I love it because they do exactly what she says. Nice. Anna said, and she gives them this nice little list, and she's so sweet about it. And then we have a 30-year title veteran, Cheryl, who was a closer for 30 years on our team. And we just have the best team.

And I feel like we found the very best people to fill those specific roles as they come up. And it is fantastic. That's awesome. That's awesome. Jen, we should take a quick break and come back and let's fire some more questions. That, Corrine, appreciate this conversation. Yeah, that's perfect. Now, if you are an agent and you are wanting to find out how to partner with Monica and I,

so we can help you grow your business, make more money, have more time. Feel free to give us a caller text at 513-400-1691. Let's get back to the, I don't know so much of battle. I mean, it feels like we're in agreement. And I think it like depends on your family member and what everybody's, like you guys are both saying, like who's bringing what to the table, does it actually make business sense first? Right, right.

Build the business. And I also feel like going into business with your family member is like, I don't know, when you're dating, taking it to the next step with a good friend. Like, either return. Yes, that's so true. Really, really carefully about what you're doing. Yeah. And how is this going to work in the long haul?

And I think questions that I, probably should have asked, how is the transition going to go if it's a generational business? Because I said a good question. That's a huge problem. How's the transition going to go? Because I'm sure a lot of the younger generation feels like, okay, it's my time to shine. I'm ready to take on the next steps. And I don't know if you guys have noticed, but realtors never retire. Which is dumb. Have you ever been to a retirement party for a realtor? I ask that question all the time. Instead, they just like let their business die.

So dumb. They die. They die on the doorstep, showing the next house to get the next paycheck. It's awful. Be a listing agent. No, don't die. Be a listing agent. That's our next bumper sticker.

I think we are all addicted to the thrill of when somebody calls and says, I really need your help. Because after you've been in some business, so long, you are really an advisor. And I think we all thrive on people. Yeah, but I like that. So you said, okay, you would ask, like, what is a transition plan? It sounds like you would ask, like, how would we know when it's that time? Like, get some, get more into the nitty gritty about that. What other questions would you ask? I think, well, obviously you have to work out compensation. That is, I think, first and foremost, because I think that has to be very clear from the beginning.

and if that's going to evolve what that looks like. Otherwise, I think just fundamental, what do you expect of me? What do I expect of you? And if you can't have a hard conversation with your business partner, family, or not, you shouldn't be in business together. But it's also, I think, beyond the expectations,

it's like, what is the evidence that that's true? Because there's a lot of people that are like, this is what I do, this is what I expect from you. But then in the reality, their whole world is lived differently. And you're like, that doesn't even make sense with what you actually do. Yeah.

You have to get permission to hold that person accountable to that promise. Like, okay, and if that's not going on, how do we address that? Right. Doesn't sound like Corrine has actually had that issue because I've been extremely fortunate. Yeah. You got super lucky. Yeah, that is very lucky, actually. Do you think how long was your dad actively in the business with you?

You came on at 23. How long did he stick around where he? he was in the day to day. 20 years. 20 more years. Yeah. Yeah. No, it was really just COVID.

It was the COVID shutdown that sort of forced him. He's been a very late adopter of technology. And it just got to the point where he's such a face-to-face person and he has some hearing trouble. And so the technology just was not working. But he still pops in the office around lunch and brings coffee for everybody. I mean, he wants to be a part of it. Yeah.

A presence, which is amazing because the man is a real estate encyclopedia. Oh, that's a great resource. Jeez. I'm sure. Absolutely. And I think, you know, what I've learned as far as partnering with family and the benefits, and this can be taken in a lot of capacities, even if you don't have family, is the importance of mentorship.

I had a fully invested mentor that allowed me to be in the conversation. conference room in every tough discussion. It's definitely missing in our industry. Oh, 100%. And then I was able to be that mentor for Tyler. And he's so good. I mean, it's nice to get into business with somebody that has been in business a while because when Tyler was new, he'd say, okay, Karin, here's the situation. What do I need to know? I said, you need to know this, this, this and this. He's like, okay. And he'd go in there. Like he had been talking real estate his entire life. And I'm like, you're smooth. It was the combination of that helpful heart in Tyler and the background of my knowledge that I

obtained from having such a great mentor that makes us great. Did you have a good relationship with your dad prior to getting in business with him? Was it just a good solid father-daughter relationship? Yes. Yes. I think that also matters. I don't know. dad obviously, but I'm imagining he's been consistently the same person to you over time so that you could predict what that would be like to, in essence, work for him, which is probably what that felt like in the beginning. The examples I'm thinking of the mother was in it. And she was just, she was awful, domineering and just not supportive as a mom growing up. And then you get into business with her and you expect that's going to look different, right?

It's not. No. Yeah, no. I could predict. And I mean, I grew up where my dad's an immigrant and work is a privilege. It is an absolute privilege to be in this country and get up and work every day and contribute. And that is the philosophy that I grew up with. And I grew up on a ranch and we did ranch work and cut hay and stacked hay and mucked stalls and all of that. And I just grew up in an environment where work was part of our daily life anyway. Yeah. You take the real estate business home, whether it was in the 1970s or now, it's very much after hours all the time and you take that home with you. So what do they say? The more things change, the more they say the same. That's right. Yeah.

Well, when you've muck stalls, I mean, selling a couple houses pretty seems pretty. It's easy. True. I mean, because there's nothing shittier than that job. It sounds like if we're going to wrap up this question, it really sounds like we all agree. Nobody's saying no. Nobody's saying yes. It sounds like we're Switzerland and it depends.

Why? But really. I'm so glad I could make you agree on something. I feel like. true mediator here. Oh, great. Thanks, great. You're off the show. I would be very, very, I would say 85% of the time it's a bad idea. I love your scenario. I think your dad sounds like the perfect father figure of the business leader owner. It just sounds, and you had that relationship and you were filling two positions and you're doing all the right things. You're also very level-headed

and just see things sort of in a way that seems very normal. And that's just not 85. But that's the point, right? It's like the first thing is to look at yourself. And it's like, am I a good, am I a good partner? That's right. Before you take on anybody else. That is 100% true because you set the tone.

Right. You set the tone. And that's great advice in a real estate transaction, whether it's a partnership or it's a partnership with the listing agent or the buyer's agent to try to get this deal done. You set the tone of collaboration and support and friendship out of the gate. And you always want to be seen as somebody that's enjoyable and helpful to work with at all times because that will help you down the room. Yeah, Jen. Try to be that. I am enjoyable and helpful. Yeah, look at you. Enjoyable. Well, Corrine, if people have a referral for you in Colorado or

they just want to reach out, talk to you a little bit more. What is the best way to get a hold of you? Our office number is the best way at the Kinsley team at Remax Alliance. It's 970-568-3-6-00. I'd love to hear from anybody, whether it's family business or farm and ranch or Colorado in general. Nice. And your podcast. Yes.

When is that launching? Well, we're working on it. But it's called Lead Like a Woman. And you can find it. on my YouTube page for now and all of our social media. Perfect. And we are interviewing really impactful women. The whole idea is just supporting women in the real estate business by also learning from

women realtors as well as other women in the business world and just hearing their stories and getting inspired because it's different. It just is. And we want women to feel supported and heard. and we're really excited about it. It's a great idea. I support it. Just don't beat real estate fight club in any sort of metrics.

Oh, geez. There's more room at the top, Monica. I'm totally kidding. I wish you guys best luck. I think it sounds awesome. All right, guys, I think that's going to have to be the end of today's battle.

What do you think? Have you had experience with a family member or maybe just a partner that this sort of resonated with and you're kind of seeing where things went wrong? We'd love to hear from you. Be sure to go to our Facebook page. Real Estate Fight Club podcast.

Facebook page, reach out there. You can always comment on our YouTube video. You can find this podcast live. You can see, Corrine, if you want, if you go to our real estate page. Awesome. Thanks, guys. Thank you.

Thanks, Corrine. See you, Jen. Thanks for listening to this episode of the Real Estate Fight Club podcast. Make sure to hit the subscribe button so you get updates when new episodes are available. And we truly love feedback and would appreciate all likes, reviews, and suggestions for future topics.