On January 22, 2019, we hosted a Real Estate Boot Camp. With the help of industry Top Producers and subject-matter experts, we assisted 80 attendees in building an in-depth business plan. Here are a few of our takeaways from each session!
Session 1: The Business Budget Breakdown
Jeanine McShea, @properties
- Only one person can be in an LLC according to real estate license law. Why? They want to know who got paid.
- At the end of the year, go back and categorize your business expenses. Quickbooks can help do this for you.
- Contribute the maximum each year to your IRA.
- Income property is a great source of long-term wealth, but think about what you want to do career-wise. It’s more time consuming than you realize.
- Pay your IRS Quarterly so you’ll be stress free April 15th.
- Tell your clients what you’re doing and communicate constantly. Take credit for all the hard work you’re doing!
Session 2: Tax Tips: Side Hustle to Top Producer
Don Hyun Kiolbassa, J.D., C.P.A., Donald Hyun Kiolbassa, Attorney At Law., Ltd.
- Never put appreciable property in an S-Corp.
- Remember: you’re a people person who helps people build wealth through real estate.
- Don’t become a payroll expert. Outsource that.
- You have the opportunity and responsibility to help people with wealth advice, so educate yourself constantly.
- There are tax incentives for high mileage/hybrid cars!
Session 3: Develop A Strong Business Identity
Mike McElroy, Center Coast Realty
- Talk to your friends to see who might fit into your target market. Pick their brain, ask them questions and use them to build your “marketing persona,” i.e. who you are trying to market your business to.
- Pick no more than two client personas to focus on when you begin your marketing.
- Two questions to ask yourself: What differentiates you? What is special about you that not everyone can say they provide?
- Set aside time to actually answer these questions and draw your business identity. Few dedicate enough time to do this.
- How do you stand out? Take your special-ness and tie it into how it can help your clients’ fears and objections.
Session 4: Building Your Community
Nick Libert, EXIT Strategy Realty
- When you’re talking, not interacting (on social), it’s your biggest failure.
- Google yourself. What turns up? Will it help your clients? If not, update this information.
- Social media is content you control. That’s a good thing.
- Look a day ahead and plan for your social interaction; this makes sending personalized things like birthday cards/notes easier!
- Remember FORD (Family Occupation Recreation Dreams)! Check in on these things when sending notes to your clients, database or business contacts.
- Professional pages are useful for paid stuff, but your personal page is what people want to follow.
- You can target your ads by location, so take advantage of this.
- Host one event a month and plan ahead for 12 months.
Session 5: Blueprint to Building A Championship Team
Josh Weinberg, Keller Williams Chicago-Lincoln Park
- Leaders, role players, recognizable and definable culture, accountability, systems, standards/goals, mission/vision— all great teams have these.
- Standards are the minimum achievement you allow. Define your standards with a schedule (day-to-day), relationships and systems.
- Culture is felt.
- Hire when you’re at capacity or sacrificing quality of service to your clients.
- An admin will help double your business.
- Crush what you’re really good at first, then hire.
- Remember FORD (sound familiar?). If you know your team’s FORD and your FORD, you’re more likely to be successful.
- When goal setting, ask your new team members this: “What does your perfect career look like?”
- Everyone’s “why” is different. Someone may want to earn $0 with a potential commission of $1 million while someone else may prefer earning a consistent $50k.
- To hire well, you need a detailed hiring and get-to-know-you process.