MODULE 2: TOOLS OF SUCCESS in real estate management

● Clients are the lifeblood of a successful real estate career. Your success hinges
on your ability to find and leverage multiple prospecting techniques to generate
and convert leads. There are countless ways to get leads and clients.
● How to Get Clients in Real Estate
○ Tap Your Sphere of Influence for Word of Mouth Referrals
■ In real estate, your Sphere of Influence includes everyone you
know both personally and professionally, which includes Close
friends and relatives, People you stay connected with on social
media, Former co-workers, Clients met from past work experience,
Vendors, and the like. A larger sphere of influence means that a
broader range of friends, acquaintances, and professional contacts
will think of you when it is time to buy or sell a property. You want
these people to be brand ambassadors to generate real estate
client referrals.
○ Expand Your Network by Engaging With Your Community
■ The next step is growing your Sphere of Influence. Expanding your
sphere of influence as a real estate agent is very similar to how you
would network professionally and expand your social circle in other
contexts. To grow your sphere of influence, you need to meet
people, develop connections, and work to maintain existing
relationships. Networking is a proven method to generate leads in
order to get clients in real estate
○ Use Real Estate Software to Identify Prospects & Automate Follow-up
■ Every real estate agent should implement real estate software to
create efficiencies in daily operations to build a successful,
long-term real estate career. These real estate tools help with lead
generation, brand marketing, listing management, and client
communication.
○ Get Real Estate Clients by Becoming More Social-media Savvy
■ Social media helps maintain client relationships. Posting regularly
on social media platforms can keep you top-of-mind for clients
(past, present, and future!) and create an easy way for anyone to
get in touch. Benefits of using social media for real estate are
instant engagement, targeted advertising, and brand reinforcement.
○ Target All of Your Marketing Strategically
■ Marketing is essential in your real estate business since it is the
primary avenue of communication that businesses use to inform
clients about the services they offer. The success of your business
heavily depends on your ability to connect with the right audience,
 and that audience should have appropriate channels through which
they can access valuable information on your products.
○ Build a Strong Online Presence
■ If you have a good online presence, then you'll be very visible on
the internet and social media, making you far more 'discoverable' to
potential new clients. At its most basic format, having a website and
ensuring you're active on relevant social media platforms are both
key.
○ Hold Events That Leave a Lasting Impression
■ The primary goal of open houses is to buzz, generate interest (and
maybe even competition), and sell the home you are listing quickly
and for the best price possible. open houses are one of the few
ways you can get face-to-face time with a potential client, which
cannot be undervalued
○ Other Tools
● 9 steps that show you how to get started with real estate investing
○ Identify your Financial Stage
■ Real estate investing is simply a vehicle to improve your finances.
Most new investors eventually want to reach financial
independence, which can be thought of like the peak of the
mountain where your living expenses are all covered by income
from investments. However, To reach the peak of the mountain
faster, you simply have to increase your savings rate and look at
your overall financial picture.
■ 5 stages: survival, stability, saver, growth and income
○ Choose a specific real estate strategy
■ choose ONE real estate strategy that will help you move from your
current financial stage to the next stage (remember Step #1).
■ Starting with one specific strategy doesn’t mean you won’t have
detours or even a complete change of direction later. Life happens,
and you have to be flexible. But starting with just one will help you
focus. And this will give you the confidence to get started.
○ Pick your target market
■ the market you choose could make a big difference in your final
results. Should you choose to invest on a local property, it gives you
the advantage of intimate knowledge of the market. And while
managing real estate from a distance can be done, it’s still more
efficient and effective to be local.
■ But whether you stay close to home or invest somewhere else, you
should always do a market analysis first
○ Decide Your Investment Property Criteria
■ Your investment property criteria tell you and others what it means
to have a good investment. creating a written investment profile that
you can share with potential partners, investors, and sources of
leads like real estate agents. The written investment profile should
include descriptions of two major categories: Target property and
Target terms (aka the numbers)
○ Build your team
■ Real estate is a team sport, and you are the leader of your team.
You don’t necessarily need employees, but you will need
independent contractors and advisors who can help you in their
areas of expertise.
■ Inner circle (
■ Support circle
■ Service circle
○ Line up Financing
■ it’s fairly normal to use financing to help you with a real estate
purchase. And there are many options to choose from.
■ The type of financing you choose will depend upon your financial
situations (Step #1), your strategy (Step #2), and your personal
preference. You will want to rely heavily on your mentors and your
lending team members (Step #5) to help you line up the best fit for
you.
○ Raise cash for down payment
■ The amount of cash needed will depend upon your strategy (Step
#2), the prices in your target market (Step #3), and your property
criteria (Step #4). You can also ask your lending team member
(Step #5) how much down payment you’ll need for certain loan
programs (Step #6).
○ Create a plan to find deals
■ Good deals don’t just land in your lap. Finding good deals is more
like a treasure hunt. You have to turn over dozens and dozens of
stones before you find a hidden gem.
■ And you have to stay disciplined with your investment criteria (Step
#4) so that you don’t succumb to the fever of a hot market.
■
○ Schedule your time
■ How much time can you and/or your spouse or business partner
carve out each week to work on your real estate investing
business?
■ Be realistic in allocating your time for this project since this isn’t a
forever project.
■ you need to spend your time only doing the actions that will move
you forward towards your goals.