The Art & Science of Real Estate Negotiation

Traction REIA Nationwide

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67: Proven Strategies to Overcome Real Estate Hurdles - Frank & Laurie Woods

Wed, 05 Jun 2024 20:37:00 -0500

Tom welcomes to the show, a dynamic couple who transitioned from corporate jobs to being successful real estate investors. They share their journey, starting with the emotional and logistical challenges they faced when Laurie's father passed away, leading them to clean out and sell his house. This experience sparked their interest in real estate, and they dove in headfirst, learning the ropes through real estate investment groups and hands-on experience. Frank and Laurie discuss the importance of community and networking, emphasizing how their involvement with their Real Estate Investors Association (REIA) has been instrumental in their growth. They also highlight the value of persistence and the power of negotiation, sharing practical tips and personal anecdotes that illustrate their learning curve and successes.

Key Takeaways

03:02: Initial Real Estate Program and Joining Local Investment Group
04:49: Benefits of Community and Accountability
08:25: Emotional Hurdles and Control in Real Estate
14:13: Attraction to Tom Zeeb’s Program
15:20: Negotiation Techniques and Confidence Building
17:27: Emotional Detachment from Properties
20:04: Rehabbing as Primary Exit Strategy
21:25: First Flip Experience and Learning Curve
22:45: Helping a Seller in Foreclosure
29:29: New Construction and General Contracting
30:26: Changes from Total Traction Program
36:14: Differentiating from Competition
37:04: Importance of Follow-Up
41:22: Using Negotiation Techniques with Contractors
44:02: Benefits of Being Persistent
45:26: Craziest Deal Experience
48:53: Advice for New Investors

Tweetable Quotes

"What I like about it is it makes us more valuable as investors. If we're not able to purchase a house or if we don't like the deal, it doesn't fit into our criteria. We'll know somebody that does or we'll find somebody that does. So we'll be able to help that person that is perhaps in a tough spot with their credit or they have to move for whatever reason. It's really important to them. We'll find a way to help them solve their problem or leave them with value." (Laurie)

"We just had a gut feel that there was an opportunity here that we could. We're smart people. We should be able to make this work. Just have to put in a little bit of effort into it. And Lori will tell you, once we committed to it, she didn't sleep for a week." (Frank)

"I have to separate the emotion from it. That was another big hurdle. Alongside getting into the business at first, separating myself emotionally and thinking of the houses as just inventory was a big deal. I feel that I'm getting to that point, or I've really made a big stride in having the properties be inventory and not take an emotional toll on me." (Laurie)

Guest Resources

Traction REIA Nationwide

s5e66 David Hayes - Overcoming the 'Fear of Success': Being Comfortable with the Uncomfortable

Wed, 25 Oct 2023 00:30:00 -0500

Tom welcomes to the show a long time Traction member, David Hayes, who shares his journey to real estate investing, rehabbing vs wholesaling properties, and why real estate investment truly was something which he couldn’t afford to fail. Today, David joins the show to talk about overcoming the ‘fear of success’, face-to-face negotiation tactics, and the importance of sticking to your exit strategy.

Key Takeaways

01:02 – Tom introduces today’s guest, David Hayes, who joins the show to discuss how he had no choice but to succeed in real estate investment and the concept of ‘buying correctly’
06:11 – The fear of winning
09:12 – Rehabbing properties and wholesaling
17:45 – To buy, or not to buy?
21:06 – Face-to-face negotiation tactics
23:45 – David’s mindset and why he’s been a Traction member for years
27:46 – Being comfortable with the uncomfortable
31:22 – Dealing with taxes and investing in deductions
33:16 – The most impactful thing Tom has taught David and the art of conversing with others
38:45 – Advice David would give to the negotiation skeptics
42:31 – Advice David would give to anyone hesitating to get involved in real estate investment
53:21 – Overcoming the excuses and dealing with being a ‘perfectionist’
1:00:47 – Tom thanks David for joining the show and sharing his story

Tweetable Quotes

“Back then it wasn’t so much that I was investing, but I was fine-tuning my craft. I took a lot of courses. I learned a lot of information. I learned a lot, but I didn’t know how to put it into action.” (01:36) (David)

“People buy courses and they invest their money in education. But, education is only part of the equation; you have to put action behind it. And if you don’t put action behind it, nothing’s gonna happen. And a lot of time that inaction is because of fear.” (05:38) (David)

“I don’t deal with motivated sellers because they don’t fit my criteria. I need HIGHLY motivated sellers. I need a person that I can ask the question, ‘If you don’t buy from me and I don’t buy from you, what’s your next move?’” (10:57) (David)

“With this particular wholesale deal, I gave three different offers. The chances of getting a house when you make three offers and they make sense is very high. It’s a lot higher than just making one offer.” (22:09) (David)

“One of the things that I learned about real estate is that sometimes you have to just go out on blind faith. People don’t feel comfortable with that. And, if you’re not gonna do it the way people who are successful are doing it, then that means that you’re gonna try to learn it your way, which is going to take more time.” (27:46) (David)

“You need to know how to talk to people. And if you can talk to people and make people relax around you, then they can believe in you. And if they believe in you, then they’ll listen to what you have to say. If they’re not sure about you - if you go in and they don’t get a good vibe from them - it takes a lot of work before you can turn around and get them to believe in you later on. So, the best thing to do is, from the minute you meet them, be very humble.” (36:16) (David)

“You have to know what your goal is. And based off your goal, you’ll know what you need to do. So, if you need immediate cash, then you want to wholesale. If you want to develop legacy money, then you want to buy cheap. Sometimes it requires a combination of the two.” (44:50) (David)

“When you buy something, know what your exit strategy is before you buy and stick to it.” (50:04) (David)

Guest Resources

s5e65 What Happens When You Don’t Care Anymore with Sam Glavin

Fri, 13 Oct 2023 00:30:00 -0500

Tom welcomes to the show a successful student of his, Sam Glavin, who shares what inspired him to venture out into entrepreneurial real estate, what drew him to Tom’s program, and how he’s dealt with massive rejection. Today, Sam joins the show to talk through his marketing strategies, recent rehab deals he’s completed, what ‘wholetailing’ entails, and his future investment goals.

Key Takeaways

00:59 – Tom introduces today’s guest, Sam Glavin, who joins the show to discuss what inspired him to pursue entrepreneurial real estate
07:21 – Why Sam chose Tom’s program and Sam’s biggest deal to date
13:23 – A numbers game
16:54 – Dealing with rejection (42 times to be exact)
20:38 – The tedium of marketing and making things conversational
27:32 – Sam’s big rehab deal
30:54 – ‘Wholetailing’ explained
35:32 – Hiring employees & building a business
39:24 – Advice Sam would give to anyone hesitating to get involved in real estate investment
43:29 – Tom thanks Sam for joining the show and sharing his story

Tweetable Quotes

“I say the first deal is around the corner, because it is. I worked four months to get my first deal and then it happened. And then literally two days before I sold that one, I got my next one under contract.” (10:46) (Sam)

“It feels almost too good to be true to even keep it up. It’s one thing to get a deal every couple of months, but to actually keep it up and start turning it into a business, I do see that mental shift you’re talking about. It’s hard to see.” (12:46) (Sam)

“It is a low response rate for most types of marketing. I think the biggest thing is testing stuff and testing everything.” (21:29) (Sam)

“I used to be very, very shy. You would have never, ever had me doing any networking events. It would be unheard of for me to do anything like that. Once I realized that you’re just talking to people who have a house issue, it’s just made it more streamlined. I’m not asking question after question. I’m just having a conversation with them, understanding what they need and what they want with their house.” (23:15) (Sam)

“You are paid in proportion to the problems that you solve. Solving a housing issue that is some people’s biggest purchase is incredible. We get paid very well for solving that issue.” (24:58) (Sam)

“I will never stop having leads come in. That’s the death of your business really.” (30:04) (Sam)

“I want to turn this into an actual business and get into long term, tax benefit type real estate.” (38:05) (Sam)

Guest Resources

s5e64 Rejection, Consistency & Persistency with Bob Erwin

Mon, 02 Oct 2023 00:30:00 -0500

Tom welcomes to the show a successful student of his, Bob Erwin, who has a background in real estate as an investor in distressed properties. Today, Bob joins the show to detail his deal flow and process, how he approaches the beginning phases of a negotiation, and marketing strategies that he has successfully implemented.

Key Takeaways

00:53 – Tom introduces today’s guest, Bob Erwin, who joins the show to discuss his background in distress properties, how Craigslist helped him secure a deal, and his latest project
07:00 – Why Bob decided to pursue Tom’s program
10:36 – Bob details his deal flow
13:19 – From small talk to business talk
17:50 – Dealing with rejection
19:36 – The number one best negotiation lesson Bob has learned from Tom
21:55 – Marketing strategies that have worked for Bob
25:44 – Advice Bob would give to anyone hesitating to get involved in real estate investment
28:07 – What Bob got out of Tom’s Total Traction program and final words of advice from Bob
32:14 – Tom thanks Bob for joining the show and sharing his story

Tweetable Quotes

“I enjoy it - vacant property, niches, tall grass, broken windows, abandoned cars, code violations, things like that. As long as somebody is living nearby that property, you can find a way to find that owner and take over that property.” (03:56) (Bob)

“You find that there’s a lot of people out here who just hold on to these properties. They’re sometimes boarded up, they’re paying fees to the city to cut the grass and things like that, but they won’t sell them. Only in America does stuff like this happen.” (04:31) (Bob)

“I don’t pray for patience, I use it.” (07:51) (Bob)

“When you find that one piece of property and you keep hitting them, and hitting them, and hitting them, and staying consistent and persistent and having a little bit of patience, that often wins you that opportunity.” (10:21) (Bob)

“I was in Walmart a couple of weeks ago, and I had on my t-shirt that said, ‘We Buy Houses,’ and somebody in line said, ‘You’re the person that’s sending me those cards all the time.’ And it was somebody that I never sent a letter to, but the idea here is that they recognized who I was. I didn’t make a deal with them, but I gave them my business card and I made sure they knew who I was.” (24:17) (Bob)

Guest Resources

s5e63 The Marketing Secret Sauce :: Finding Off-Market Real Estate Deals with Matt Kamp

Wed, 13 Sep 2023 00:30:00 -0500

Matt Kamp is the Vice President of Partnerships at DealMachine, the highest-rated and most- reviewed mobile app to find off-market real estate deals. Today, Matt joins the show to discuss the many features of DealMachine, and how they are achieving their goal of helping real estate investors find deals. Matt and Tom talk about the numbers game that is Marketing, the importance of consistency, and overcoming the paralysis by analysis mindset.

Key Takeaways

01:02 – Tom introduces today’s guest, Matt Kamp, who joins the show to discuss DealMachine, the highest-rated mobile app to find off-market real estate deals
05:31 – Driving for Deals
09:31 – How DealMachine works
15:02 – The postcard feature
17:38 – The unglamorous secret to Marketing
21:07 – Matt’s route tracking process
24:43 – The overall goal and focus of DealMachine
27:55 – Advice Matt would give to those considering DealMachine
33:22 – Matt announces some great giveaways to listeners
36:32 – Tom thanks Matt for joining the show and lets listeners know where to connect with him

Tweetable Quotes

“Deal Machine, in general and from a high level, you can really think of us as a tool to help you find off-market deals. That’s really what it comes down to.” (02:29) (Matt)

“Our view on technology is that it should be enabling you to better do your job. And, the right actions to take that are gonna get you to deals is finding people who are motivated to sell, getting in contact with them, and actually having a conversation.” (04:33) (Matt)

“In the end it’s a numbers game, and it comes down to taking the right actions consistently and building out a system to do that.” (09:05) (Matt)

“If you’re actively doing this, you can re-drive areas every six months or so and find fresh opportunities. So, that data is super helpful.” (24:08) (Matt)

“It truly is about mindset. You have the playbook in front of you and you know it’s worked a ton of times. It’s easy to feel like you need to know everything before you get out the door and take that first step...but, unless you get out there and take action, it’s not gonna translate.” (32:34) (Matt)

Guest Resources

Link to The 3-Step Playbook to Find Deeply Discounted Off-Market Deals

Matt’s LinkedIn

Matt’s Email

Link to DealMachine Free Trial: Use Promo Code ‘TRACTION’

s5e62 Real Estate Investing as a Couple - Awesome at Any Age with Stan Friedman & Ange Lorenz

Mon, 04 Sep 2023 00:30:00 -0500

Stan Friedman & Ange Lorenz are a husband-wife duo who have discovered the adventure of real estate investment and are reinventing themselves accordingly. Stan has a background in the financial industry and Ange is a former small business owner who loves real estate. Today, they join the show to discuss how they cope with unanticipated problems that arise from real estate investing, what it's like to work together as a couple, how they transitioned their lives and business from the DC area to Florida, and advice they would give to those hesitant to take the plunge into this exciting world.

Key Takeaways

00:56 – Tom introduces today’s guests, Stan Friedman & Ange Lorenz, who join the show to discuss what it’s like as a married couple working together in real estate
08:21 – Unanticipated problems
18:26 – Transitioning their business from Maryland to Florida
22:59 – Age is just a number
28:14 – The number one takeaway from working with Tom
33:13 – The value of being a contrarian
34:57 – What Stan and Ange would do differently if given the chance and advice they would give to anyone hesitating to get involved in real estate investment
44:56 – Tom thanks Stan and Ange for joining the show and sharing their story

Tweetable Quotes

“I’m the creative person. He’s the finance guy. So, we have our own skill sets and where we come into conflict is when I have my designs and he says, ‘No, this is the budget.’ So, it’s a challenge sometimes, but it’s fun working together to complete a project together.” (05:16) (Ange)

“We’re looking at [real estate investing] as reinventing ourselves. So, it’s very exciting for us.” (23:21) (Ange)

“If something goes one way, you go the other way. This is the only business I’ve been in where you can make money whether the market goes up, down, or sideways. You just have to know that if this isn’t working, you try something else.” (26:52) (Stan)

“You have to push forward and make those dreams a reality. Carve out the time that you need to do what you want to do and move forward with it, rather than letting all of the other noise get in the way and rob you of your time.” (37:38) (Ange)

“Ok, so you’re gonna have some crabby people on the other end. You have crabby people in the grocery store, for crying out loud. You just deal with it and move on. So, just look at it as an adventure, as an exciting opportunity to meet people and help people out of their situation, because that’s what you’re doing.” (40:34) (Ange)

Guest Resources

Stanley’s LinkedIn

Digital Business Card

s5e61 Where Selling meets Negotiation :: Always Be Opening with Matthew Kimberley

Fri, 25 Aug 2023 00:15:00 -0500

Matthew Kimberley is the CEO of Book Yourself Solid Worldwide, author of Get A F*cking Grip, and creator of Delightful Emails, The School for Selling, The Single Malt Mastermind and more. Today, Matthew joins the show to discuss the nuances of negotiating and selling, how to exercise your ‘Sales Muscle,’ and the power of speaking things (or asking them) into existence.

Key Takeaways

01:04 – Tom introduces today’s guest, Matthew Kimberley, who joins the show to discuss his background in recruitment and how he got involved in real estate investing
07:24 – The Sales Muscle
19:43 – Overcoming the fear of selling and building confidence
32:05 – The power of speaking things into existence
34:53 – The difference between Negotiation and Sales
38:12 – Play the Game and have fun doing so
39:32 – Tom thanks Matthew for joining the show and lets listeners know where to connect with him

Tweetable Quotes

“I help people who haven’t been trained in selling, but they have got some other technical skill. And I help them marry their desire to make a decent living from their technical skill with the ability to actually make a decent living. So, they have the desire, and I show them the processes, the skills and the knowledge that they need to have in place. And I try to keep things as simple as possible.” (06:34) (Matthew)

“There is absolutely no question that there’s a direct correlation between meaningful sales activity - asking people, ‘Would you be interested in buying my thing? Would you be interested in sitting down and talking about this opportunity? Are you in the market for? - and how many sales you make. The old adage from Glengarry Glen Ross that we should ‘Always Be Closing’ is nonsense. We should always be opening. We should always be creating opportunity. And creating opportunity is as easy as asking, ‘Are you interested?’” (09:55) (Matthew)

“Nobody ever gets offended, ever, when you say, ‘Would you be interested in buying my thing?’ People get offended when you don’t listen to their answer.” (16:14) (Matthew)

“The temptation for many people - especially at the beginning of their sales journey - is to invest a lot of opportunity in anybody who expresses interest.” (21:52) (Matthew)

“We can all improve the quality of our lives by recognizing that if we ask for something, there is a much higher possibility of us receiving it. And, you can apply this to your actions as a buyer as well as your actions as a seller.” (32:05) (Matthew)

“Anybody who decides that they will learn selling can make a living. In any economy, there will always be supply and demand requirements. If you can sell, then you’ll never go hungry. And if you can remember that, it can be an awful lot of fun.” (38:51) (Matthew)

Guest Resources

Books Mentioned:

Book Yourself Solid

s5e60 2 Months to Success - Crushing it in the DealMachine Challenge with Jake

Fri, 18 Aug 2023 00:00:00 -0500

Jake is a current student of Tom’s and today, Jake joins the show to walk Tom through some of the latest deals he’s made using the strategies and best practices he learned from Tom’s course. Jake talks about overcoming paralysis by analysis, the value of going back and forth in negotiations, and his future goals to pursue everything from wholesaling and flipping to holding.

Key Takeaways

00:54 – Tom introduces today’s guest, Jake, who joins the show to discuss his background in the real estate appraisal industry and what made him want to be an investor
05:42 – How Jake took advantage of The Deal Machine Challenge
07:10 – The negotiation process and the importance of going back and forth
12:17 – The duplex deal
16:59 – Jake talks about a third deal he recently made
19:08 – Overcoming paralysis by analysis
20:34 – Advice Jake would give to his younger self and what he would do differently if given the chance
25:42 – Initial fears Jake had to overcome
28:34 – What’s next for Jake
29:54 – Tom thanks Jake for joining the show and lets listeners know where to connect with him

Tweetable Quotes

“[Negotiation] was the one thing I was a little bit worried about because I was under this misconception that I had to be the Wolf of Wall Street in order to negotiate and then I’d hit a roadblock and it’s gonna show through. But, it couldn’t have been easier, especially having the framework of your courses.” (10:09) (Jake)

“I understand that mistakes will be made. I’ve accepted that. I’m just trying to make sure every time I walk away from a conversation, I’m replaying it in my head and looking at what went wrong and looking at what I did right.” (19:21) (Jake)

“If I’m just clicking away on YouTube, you just never know. You don’t have access to any of the ‘experts’ that you’re trying to learn from.” (28:19) (Jake)

“I would like to get to the point where any lead that comes in I would know what to do with it and how to deal with it, whether that’s wholesaling, flipping, or hanging onto it. It might take me a little bit longer to get to my end goal if I’m being split up down the three paths, but that is my ultimate goal.” (28:48) (Jake)

Guest Resources

s5e59 How to Create a Simple, Compelling Marketing Message with Dov Gordon

Tue, 01 Aug 2023 00:30:00 -0500

Dov Gordon is a marketing expert with a gift for helping businesses create simple, compelling marketing messages. Dov has been one of Tom's consultants for many years. Dov is the Founder of JVMM, a highly curated network of "thought-leader" entrepreneurs who promote each other. Recently, Dov decided it was time for another ‘leap.’ He shut down his own boutique coaching business and made JVMM his main focus. His mission is to serve his members as best as he can. Today, Tom and Dov engage in a rich discussion on curating a simple, compelling message, how to attract the right people, and how to clarify your Marketing message to make your entire real estate negotiation process easier through having a compelling marketing message.

Key Takeaways

01:01 – Tom introduces today’s guest, Dov Gordon, who joins the show to discuss what goes into an ideal marketing message and how he attracts the right client
12:05 – Curating a simple, compelling, head-turning message
23:50 – The Cash Flow example
29:15 – The Cup of Coffee/Pint of Beer Test
31:31 – How Marketing overlaps with Negotiation and the difference between rushing and a sense of urgency
35:45 – Tom thanks Dov for joining the show and lets listeners know where to connect with him

Tweetable Quotes

“A good marketing message will lead you to change your plans and take a step towards me or towards whoever is putting out the message.” (04:33) (Dov)

“The first thing to understand is what is the purpose of a good message. And the purpose of a good message is to get the attention and the interest of your ideal client. That may or may not sound like a tall order. The good news that there’s only two things that get the attention of your ideal client. Number one, a problem they have and don’t want, and/or if you talk about a result they want and don’t have.” (04:58) (Dov)

“In order to craft a simple, head-turning, compelling message, you need to start with your core idea and take it through seven filters. You really want it to pass from one to the next and, if it goes through all seven filters, you’ve got a simple, head-turning, compelling message.” (12:33) (Dov)

“People try to load too much into their messages. They try to be too high level and the problem is it’s meaningless. If you try to put too much into it, you lose people. And the reason we do that is because there’s so many people we could help. That’s true, but the more you put in there, the fewer people are gonna read your message. So, you’ve got to work with human psychology.” (28:49) (Dov)

“There’s a distinction between rushing and a sense of urgency. Rushing is where you try to make something go faster than it’s naturally able to go. A sense of urgency is where you don’t allow things to take longer than they need.” (32:47) (Dov)

Guest Resources