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Shop Talk - The Real Estate Agent Podcast


Real Estate Agent Podcast Episode 82: 2021 Podcast Wrap-Up: Popular Q&A’s From Last Year

Episode 82: 2021 Podcast Wrap-Up: Popular Q&A’s From This Year
December 28, 2021

As 2021 wraps up, indulge in some golden nuggets of knowledge from the brightest minds in the real estate industry.

 
If you keep doing what you're doing, you're going to keep getting what you're getting.

Vitkor Jiracek

About This Episode

What better way is there to get ready for the new year than taking a step back to gain some perspective from our wins and losses from 2021?

In this episode, we’re looking back at some of our favorite answers to popular questions that we ask every guest. These responses will provide some valuable insight from experts in the industry who can help you take your career to the next level.

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Episode Transcript

As we near the end of 2021, it’s important to take a step back and reflect on the wild real estate activity we’ve seen over the past 12 months. Taking a moment to pause and consider everything we’ve accomplished (or wish we would’ve accomplished) is a practice we may forget about, but it’s crucial for personal growth and can translate into business success.

2022 is sure to be another crazy year, so what better way to prepare for the uncertainty than to reflect on the previous year and learn from experts in the real estate industry.

Intro: Hey there and welcome to Shoptalk, the real estate show. I’m Brett Van Alstine and for this episode, we’re going to switch it up a bit and share a wrap-up of this year’s most popular questions and answers from our amazing podcast guests. Throughout this year, I’ve had the pleasure of talking with some of the brightest minds in the real estate industry, from real estate investors to fix and flippers to real estate agents.

Every episode we publish is different, thanks to our variety of guests, but the one constant is that each episode revolves around real estate, and how you as a real estate professional can gain knowledge to grow your business.

In every episode, we like to ask the following questions: “How do you approach networking, and how do you connect with individuals in your industry?” and “What is one thing you wish you could go back and change or do differently, and why?”

Brett: These questions are meant to prompt thoughtful reflection from our guests, but also provide you, our listeners, with some gold nuggets of information from individuals who have skin in the game and have learned from their previous experiences.

Brett: So, let’s jump on in and recap our guests’ answers to our first question: “How do you approach networking, and how do you connect with individuals in your industry?”

First up to answer this question is Yusef Alexander, from episode 72. Yusef is currently the VP and Chief Business Development Officer for Real Estate Asset Partners.

Yusef: What I found in networking is when you are a producer, a creator of value, you can kind of attract a certain level of, you know, investor, or you can, you know, you can attract a certain level of, of a capital backing because all investments compete with each other. And if you have, if you are able to produce a legitimate investment, meaning a deal, then things can kind of, you can put things in place accordingly.

Brett: Actions speak louder than words, and when you put in enough effort that your success can speak for itself, opportunities will come to you instead of you having to seek them out. That’s where Yusef has excelled; he’s hit the point in his career where his track record affords him new business opportunities by encouraging others to seek his expertise.

Next up is Stony Stonebraker and Lennon Lee from episode 74. Lennon Lee and Stony Stonebraker forged a fast friendship that has blossomed into a business partnership resulting in the co-founding of Passivo REI, proving that relationships matter in all facets of real estate.

Stony: We also like to get out into the community and support the community and to various aspects, whether it's through, through organizations that we volunteer at or just in the public. And we also have a range of, of investors who we've invested with in the past, or, or who have invested with us. And we like to get out with them periodically and, and help me.

Lennon: So the meetup thing has been, has been a big deal for us. Because that's been a platform for, for people to just join other multifamily and passive commercial real estate investors and understand how do we all become better passive investors?

Whether you’re founding a company or creating your own luck, the people you know will prove to be invaluable. Viktor Jiracek is someone intimately familiar with networking and how it leads to success, particularly as it comes to fixing and flipping homes. The founder of Sell Your Gainesville Home Today, he’s a real estate investor in Gainesville, FL. Now in his third year of business, his company is on track to flip 30 homes in 2021, thanks largely to the relationships he’s fostered. Viktor Jiracek was a guest on episode 78. Here’s Viktor on how networking taught him crucial business information:

Viktor: I think what was really helpful, local RIO's, local real estate investor meetups, those types of things are a great start. You know, if you're a REALTOR® like you're already doing similar stuff, the real estate investor specific thing is really important. And what's really important is as you start to get into starting to understand the lingo and the language surrounding it. So I mentioned terms like ARV. I was like, that's important. The repair budget knowing what hard money is, a lot of the basics terms is gonna help out a ton.

Brett: For Stony Stonebraker, Lennon Lee, and Viktor Jiracek, being involved with local groups has allowed them to connect with like-minded individuals in their industry. Branching out and connecting with your community not only expands your network, but can also provide you with different perspectives from rookies and veterans alike. The information afforded to those that get involved with local groups is invaluable and can often lead to new business opportunities.

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After the break, our guests will answer the question: “What is one thing you wish you could go back and change or do differently, and why?”

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Brett: Our next question is also my favorite question to ask: “What is one thing you wish you could go back and change or do differently, and why?”

The first to answer this question is Yusef Alexander, who reflected on delegating and playing to your strengths.

Yusef: I mean, in the general sense, you gotta run your own business, you have to run your own business and you got to know the different levels of you. Don't have to be an expert in all of them. You don't have to be the smartest kind of tool in the tool shed, but you know, if you have a business and the business has the acquisitions, which is, that's how you move the needle, that's how the football moves and you, you know, you gain yards and then you also have to process those, those assets, meaning you have to market them and lease them.

Brett: Sometimes when running a business, it’s better to let go of some responsibilities and delegate them to people that know more than you. Great leaders understand the power of letting go, as it not only gives them more time to focus on the business itself, but also hones their efforts on the pieces of the business that can help them expand and grow into the future.

As the founder and CEO of The Redux Group, a top-performing brokerage in the DMV, Chris Craddock is no stranger to honing his focus on what matters. He is also the creator of REI Revive, an agent program that coaches real estate agents on closing sales and growing their businesses. Chris Craddock was a guest on episode 79. Here are his thoughts on defining and honoring your limits:

Chris: I don't know, because everything that's happened to me like there's, I'll tell you there was one point in time when I didn't get into too much, but I definitely got in over my head on the investor side. And I saw that we had a lot of success and I was really good at finding off-market deals. So I just kept buying them and buying them, buying them. To the point that I had too many to be able to turn over in a good amount of time. And it costs me a whole lot of time, money, heck my hair was starting to fall out. I was grinding my teeth. It was crazy. We got out of it and I look back and I'm like, man, how much further ahead would I have been if it cost me $660,000 to get out of that.

How much further ahead would I be for that? But also that time made me the man that I am today.

Next up, we have Viktor Jiracek, who appreciated the mistakes he had made and wished only to have started making mistakes earlier:

Viktor: I think there's kind of two parts to it. So the first part is just like I mentioned, I wish I would have gotten started earlier. ‘Cause again, I went full-time like three years ago and I wish I would have gotten started earlier. ‘Cause it does, you know, compound, I would have been where I'm at a lot quicker, which is great. So I think that's part of it. I think the other thing too, I'm also partly glad I did what I did. So at the same time, like that's what I would change. I wouldn't change anything because there is a lot of learning lessons from those mistakes. And as soon as you take away those mistakes, it's like, you don't get those lessons. And I think you would still learn that some other way.

If you keep doing what you're doing, you're going to keep getting what you're getting. So I would have hit those mistakes at some other time. Even if it wasn't that specific time. So that's just how I think about it. So I'm glad I went through all those mistakes. I'm glad I got those mistakes early. Then you can start early and you optimize at getting up and running early again, it's that exponential growth.

Brett: More often than not, guests will have similar responses to the question, “What would you go back and change?” While they may have regrets or admit mistakes, the lessons learned from those early endeavors were worthwhile in the long run. This is a common theme I’ve noticed, and one I can understand. Even in my own life, the lessons gleaned from my mistakes are more valuable than not making them at all. I’m sure in your own lives you can think of instances where you wish you could go back and change a decision you made, but ultimately, if you don’t learn from your mistakes, then you are doomed to repeat them.

It’s better to get your mistakes out of the way early, as Martin Saenz knows full well. Martin Saenz is an entrepreneur, investor, advisor, and industry speaker on cash flow investing. He is currently a Managing Partner at Bequest Funds, an investment fund that purchases and manages performing mortgages within the secondary mortgage market. Martin Saenz was a guest on episode 81. Here’s Martin on starting early and building out business frameworks that allow for long-term success:

Martin: Yeah, so I'm building systems out on an ongoing basis from the very beginning. So you know, building the business with the exit in mind would be, would probably be the number one thing. So it kind of gives you control over your business when you have all the systems mapped out, you can plug new individuals in, you can measure existing employees to see who's fitting, who's not fitting. And so your systems really give you a security blanket for how your business is operating when you don't have those systems documented and mapped out in an organized fashion. What happens is you allow employees and people that, you know, 10 99, or what have you individuals control con have control over you. So as a business owner, it's just important to have control over your operation because, at the end of the day, the buck stops with you. All the risks stop with you. So you might as well have kind of control over your operation in that regard.

Brett: Martin’s methodology of setting up systems is a proactive approach to managing a business and creating a stable way of scaling business’ growth. Similar to Yusef’s idea of delegating responsibilities to individuals who know more than you, Martin’s systems allow him to keep all aspects of his business organized while handing off responsibilities to the right people. Both of their approaches allow them to focus on the business itself rather than more mundane tasks that take time away from the big picture that will allow your business to grow.

As the new year shines on the horizon and the pressure of a “New Year, New Me” influences our goals for 2022, I hope this episode has inspired some new ideas for you, including:

The importance of networking for business growth

Defining your limits and delegating tasks to propel your career forward

And finally, building systems so that you can focus on the bigger picture

As we look back on the previous year, I hope there’s more good coming your way than bad, but if there’s one takeaway from this episode, it’s that change is always possible. Rather than regretting mistakes, consider how you would do things differently now, then apply that thinking as the new year unfolds.

Brett: That’s it for this episode, thanks for listening! If you enjoyed the podcast, you can subscribe to us and leave a review on your podcast player of choice. Shop Talk is a production of The CE Shop.