Hey everyone, thanks for tuning in today to the Propelio TV Rewind. This week, we’re covering the shows from April 22nd to the 26th. Make sure to stay with us as we dive into the key takeaways and highlights. Don’t forget to use the hashtag #ReplayRewind if you catch up on any past shows!
Monday’s Show with Daniel
Building an Avatar
This week started with Daniel walking us through the importance of creating an avatar for your business. Knowing your target customer can make all the difference. Daniel emphasizes defining specific characteristics such as neighborhood, price point, and pain points.
Overcoming Objections
Daniel also addressed ways to overcome common objections:
- Seller indecision: Helping sellers who are unsure about where they will move next.
- Wanting more money: Bringing sellers back to reality by clarifying what is feasible in the market.
- Consulting others: Encouraging sellers who need to talk to their spouse or another party to bring them into the conversation immediately.
Private Money and Notes Show
Networking with Private Lenders
The next show highlighted the importance of networking when seeking private lenders. Always build solid relationships rather than treating it as a mere transaction.
Fostering Relationships and Exit Interviews
It’s crucial to foster a long-term relationship with your lenders. Don’t hesitate to perform an exit interview. Ask them how you can improve and ensure you’re both on the same page.
Commercial Real Estate Show with Pam
Homework for Shelby
Pam guided Shelby through essential steps:
- Business cards: Ensure they represent your current status.
- LinkedIn updates: Reflect your professional status.
- Daily posting and engagement: Increase visibility and interaction on LinkedIn.
Knowing Your Clientele
Pam shared insightful examples, like how Starbucks selects locations based on traffic patterns and how McDonald’s is strategic about their site selections. In commercial real estate, knowing your clientele and their behaviors is key.
Getting Paid Multi-Ways as a Realtor
She also covered how realtors can get paid in various ways—front-end, back-end, and commissions. It’s all about leveraging multiple revenue streams.
Three Ways to Generate Leads Show with Grant
Know Your Audience
Grant underscored the importance of knowing your audience. Whether you’re a landlord, flipper, or wholesaler, your audience will differ.
Take Action on That Audience
Don’t just sit on your knowledge. Take actionable steps to engage your audience.
Annoy Your RGA (Revenue Generating Activities)
Be consistent and relentless. Grant emphasizes that annoying your RGA, or staying top of their mind, is key. It might take up to seven touches to close a deal, so keep at it.
Commercial Cashflows Show
Networking Led to the Project
Networking played a crucial role in finding great projects. This show is a reminder to stay connected and engaged in your community.
Contractor Hiring Process
Hiring a contractor is a big deal in commercial real estate. They broke down what to look for:
- Research the contractor.
- Be transparent.
- Maintain clear communication.
Adding Value to Properties
They covered various tips to add value, such as:
- Enhancing amenities.
- Performing key upgrades like adding units or carports.
Going Vertical Show
Getting a New Construction Loan
This episode was all about funding new construction. Chris Fast and Tommy covered essential questions to ask lenders:
- Do they lend to private builders?
- Do they require you to have the land first?
Private Money vs. Hard Money Lenders
Know the differences and when to use each. Sometimes paying higher points for a hard money loan might be worth it.
Creative Financing Options
Chris shared an eye-opening example of using a combo of IRA and personal funds to cover a project. Creativity can unlock potential deals.
Real Estate Business Mastery Show
Occupancy vs. Economic Occupancy
Jason Bible delved into the distinction between occupancy and economic occupancy. Just because a property is occupied doesn’t mean it’s financially healthy.
The 1% Rule
A quick reminder: the rent must be at least 1% of the ARV (after repair value) of the house. Stay on top of these metrics to make smart investment decisions.
Testing Taxes Annually
Always test your property taxes every year. Even if they don’t change, contesting them can save you money.
Importance of Cap Rates and Rent Growth
Understanding cap rates and tracking rent growth is critical. Jason emphasized how this data guides investment decisions.
In Game Show
Treating Tenants as “Clients” or “Residents”
Kristin and Jay Lee highlighted the importance of treating your tenants well. Think of them as clients or residents, not just renters.
Only Doing Critical Repairs if Tenant Not Paying
You’re only required to perform critical, safety-related repairs if a tenant isn’t paying rent. Know your rights and responsibilities.
Importance of Documentation
Stephen Rosenberg stressed documenting everything with photos before tenants move in. This protects both parties.
Sales 101 Show with Donny
The Objection Triangle
Donny Ruffin shared his method for handling objections:
- Provide a solution.
- Handle the objection.
- Immediately attempt to close again.
Five Steps of Conversation
Donny’s five steps are:
- Preliminaries – find common ground.
- Investigation – ask questions.
- Demonstrate – show capability.
- Commitment – close the deal.
- Reassure – recap the conversation.
Five Factors of Impulse
These factors drive buyer behavior:
- The Joneses Effect
- Being the Expert
- Fear of Loss
- Indifference
- Control of the Situation
Raising Capital Event
Date and Details
Mark your calendars for May 14th! Propelio is hosting an incredible event focused on raising capital.
Featured Speakers
The event will showcase industry leaders like Corey Peterson, Troy Fullwood, Eddie Speed, and Jason Bible.
Importance of Networking
This is a prime opportunity to network with top investors and expand your professional circle.
How to Do Business With Us
Katie’s Real Estate Services
If you have deals or need a realtor in DFW, Katie is your go-to person. She specializes in finding and listing properties for investors.
Bettina’s Investing Goals
Bettina, out of San Antonio, is expanding her portfolio with fix-and-flip projects and buy-and-hold properties. If you’re a lender or have deals in this area, get in touch!
Tommy’s Judo School
Train with a national champion at Bulldog Judo in Grand Prairie. Whether for fitness or discipline, Tommy’s judo school is top-notch.
Propelio Resources
Propelio offers valuable tools like lead generating websites, access to MLS comps, off-market lead lists, and much more. Visit propelio.com for all your real estate investment needs.
Conclusion
In conclusion, the Propelio TV Rewind for April 22-26 provided a wealth of knowledge for real estate enthusiasts. From building a customer avatar and overcoming objections to networking with private lenders and understanding commercial real estate dynamics, the episodes were packed with actionable insights.
Highlights included strategies for lead generation, the nuances of new construction loans, and the importance of treating tenants well. Additionally, upcoming events and services like Katie’s real estate expertise in DFW and Bettina’s investment goals in San Antonio offer further opportunities for growth and collaboration.
