Jack of All Trades, Master of …. Some!
Jack of All Trades, Master of …..Some!
While many are a jack of all trades and master of none, some of us have mastered “some.” Consider that most companies right now are cross-training positions and employees carry the burden of two or three job titles (and all of the responsibilities that come with); how is real estate any different? To grow successfully, you should expect to work more than one aspect of real estate.
Do you feel overwhelmed or spread t – h – i – n. Does the thought of taking on one more job, task or responsibility just about push you over the edge? Let me propose this, what if that one task or responsibility turned into an additional stream of income for you? Do I have your attention now? Real estate offers multiple streams of income which can be summarized by two leading categories: Investor Income and Realtor Income. You have the option of taking advantage of the former, the latter or BOTH. Hmmmm…..can you see where I’m going with this?
As the industry changes (and remember that change is the only constant in life), we have choices. These choices range from one extreme to the other; you can quit real estate, put your head in the sand, hang on, adapt, embrace, grow and/or conquer. Where are you right now on that scale? And where do you want to be? Becoming a Realtor may scare your socks right off; it may make you want to stop reading this article. But why? I offer you hope and brighter days with more choices to keep you continually growing and earning.
Following are the top 4 challenges I discuss when a Realtor joins my team:
1) There’s too much to learn in order to become a Realtor!
Don’t fear learning, knowledge is power. Do you remember when you first became an investor; there was a ton to learn! You forged your way through and now it’s time for the next step. Don’t question IF you should learn something new, the real question is, “WHAT should I learn today?” So, why not choose to expand the business you already have, versus starting from scratch in a totally different field of work? Now that scares my socks off! When you stop learning, you stop growing. GROW!
2) There are too many Realtor rules; I just like doing things my way.
Bad things happen to good people! Sound familiar? With MARS disclosures, FDIC mandates, and IRS / ORRA audits, the education of becoming a Realtor will only arm you against negative repercussions. Awareness and participation in these guidelines will protect you as LLC’s and Investors continue to get audited on deals from 3-4 years ago. Put yourself in a smart position now. The black and white separation between the Investor world and the Realtor world is no longer that boldly defined. Much of the same rules are now applying to both. Short sale lenders are requiring all homes to be listed, Realtors names must be printed on HUDs, customized addendums must be signed, and licenses are required to mitigate and get paid. They are making it almost impossible to get paid if you are an Investor only. Please hear me, I’m not saying Investor deals don’t exist, but as a Realtor your income options increase immensely per deal. Do you want more CASH?
3) There is just not enough time to be an Investor and a Realtor.
Many Investors had to add a 2nd job, why not become a Realtor as your 2nd source of income and stay in your current field; you already know most of the stuff anyway! Have faith in yourself and know that you can earn a nice commission of $4,500 by selling a $150,000 home to a friend. How many hours would you have to work at your 2nd J.O.B. (Just Over Broke) to earn that $4,500? You don’t have to be the Realtor that drives clients around for showings every day. You can just get your license in order to get paid on the HUD at closings for deals that don’t have any wiggle room. How many of those $4,500 checks are needed to reimburse you for the time and cost of getting your Realtor license? Not even one!
4) I’ve tried the Realtor thing; it just didn’t work for me.
Most likely it didn’t work because you didn’t have the right team, or the proper training and support; these factors will greatly influence your success. If you are bringing in a lot of short sale deals and nobody in your office can mitigate, that’s a huge issue; especially when the larger percent of listings are short sales. You also need an office with Experienced Leadership to mentor you. Your office should have an in-house Mitigating Team to keep control over your deals. And finally, your office should have a master Closer negotiating all liens (IRS, tax, water, HOA, etc), as liens are very often the bombs that blow up your deal.
I say all of this respectfully; just take a smart look at your plan. How many income streams do you have as an Investor? And how many more can you add as a licensed Realtor?
Let’s talk!
Kimberlee Frank – www.SellFastRealtyLLC.com
407-888-3255
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