Real Estate and Beyond Blog: Prince Edward Island

EXPECT A CALL FROM MY BROTHER NEXT WEEK

It is another busy day in real estate. I wrote a recent blog post on TOP 5 REASONS WHY RENTAL UNITS STAY VACANT when it comes to using Realtors. I was inspired to write this blog post because a new real estate investor asked me this question when signing up with me for property management. He informed me that his unit had been vacant for five months and he could not under the reasons from his previous Realtor. Voila! Please read the informative post.

So, I have had his unit under management for about a week. I drove out the next day to take several pictures of inside and outside of the home. Also, I wrote down notes about the home to develop a marketing plan for the home. This home was placed on the Internet. We started receiving calls on this property. I was able to show property to a potential tenant who was fully approved before viewing the property. He loved the property and needed to move in by the first of the month. He would let me know Monday if things work out for him.

Bingo! This tenant just signed a 13 month lease and I collected $1200 for the owner this morning. The tenant was very happy to have a place to land. Then, the owner called me on another issue on the property. I informed the owner that his unit has been rented out. His exact words were "I HAVE THE RIGHT MAN ON THE JOB!"

We do this each and every day for real estate investors both local and from around the world. We only charge $60 per month per door. This is a great value to the real estate owner.

The last thing the owner told me was"EXPECT A CALL FROM MY BROTHER NEXT WEEK!"

DOES YOUR CURRENT REALTOR CREATE REAL ESTATE DEALS LIKE ME?

I have been a Realtor for the past nine years. Why did I get into real estate? My main motivation was to help real estate investors find great real estate deals and close them. So, this is still my main motivation when it comes to working with real estate investors. The number #1 need for real estate investors from a Realtor is on how to determine a good deal. Then, the

real estate investor needs assistance in structuring and closing the deal. The money is made at the close of escrow. That is how I was taught by my real estate mentor. He told me one day "Deals do not come to you. Great Realtors create deals." This statement has always stuck in my head to this day. Very powerful words from one who is very successful in his industry.

Here are my sources for finding great real estate deals for my investors

• Arizona Trustee Sales
• Arizona Multiple Listing Service
• Wholesalers
• Other real estate investors
• FSBOs
• Craigslist
• Personal web sites
• Networking
• Toll free numbers
• Social media

I have mentioned a few areas where I find my real estate deals. We all know a great magician will not dissolve all of his secret magic tricks. I have other sources in finding great deals for real estate investors. Hence, this why people like working with me. I have a team in which we stand together. I love to see the team in action when it comes to real estate investing.

"I am not the smartest, but I surround myself with competent people." - Henry Ford

The statement from Henry Ford says it all for me. I will be the first one to admit that I do not know. However, I have surrounded myself with the best in the Phoenix real estate market to create the Real Estate and Beyond Team. I have assembled professionals in different fields needed by real estate investors. Many top real estate education firms call this a Power Team.

I have a three step program in place that I say every week on my radio show

1. Make the Call
2. Set the Plan
3. Do the Deal$

LEARN TO AVOID THE TOP 5 MISTAKES WHEN CREATING A BUSINESS PLAN FOR REAL ESTATE

It is critical for all of us to create a business plan for each one of us so that we have a road map to arrive at our destination. I see so many Realtors not focused and frustrated. This can be remedied by establishing a solid business plan. Furthermore, I would highly recommend to them on having a mentor to keep one accountable during this time.

Here are the TOP 5 MISTAKES CREATING A BUSINESS PLAN

1. UNREALISTIC FINANCIAL PROJECTIONS-I am going to make $1 million in my first year in real estate. How many of you have witnessed this from a new Realtor? Setting realistic financial projections creates a true picture for oneself.
2. Opportunity-I believe the Reatlor needs to define who they will serve such as first time home buyers. Otherwise, one will do a shot gun approach to real estate and become frustrated because of no accomplishment.
3. No Marketing Plan-A Realtor needs to define a solid marketing plan so people know that they exist when thinking about leasing, buying or selling real estate. Too many real estate agents miss the mark.
4. Competition-Agents do not analyze the competition in their own local markets. Who is my competition? How will I compete with my competition?
5. Budgets-Real estate agents do not create realistic budgets when it comes to expenses. Many of them ignore living expenses needed to sustain oneself. Furthermore, most agents do not have marketing in their budget. We receive many calls each month to purchase marketing devices that will increase our business by 25%. Focus and frugal is needed when starting off in the real estate business.

I encourage all of us to avoid these mistakes when creating a business plan in order to achieve the unthinkable. One must be focus and determined to achieve the business plan. Also, other people will need to be involved in order to achieve the plan. I see #5 being the biggest mistake with many Realtors starting their business of.