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My least favorite saying in real estate:
“If you aren’t a buyer at these prices then you should be a seller.”
It simply isn’t true.
Transacting real estate is extremely expensive and time consuming. You can't just trade in and out of it at the click of a button like a public equity.
The people you have to pay to transact real estate:
Attorneys, inspectors, appraisers, title insurance, surveyors, bankers, cost seg studies, acquisition teams, brokers, and the biggest one of all:
Hundreds of thousands of people in America feed their families on the back of transacting real estate because there is so much to do.
Plus it takes a ton of work and a lot of time to buy great properties.
Trading in and out of real estate can take 3+ years so you're making a gamble on market forces in the future.
Many of the folks who sold in 2016 missed the major run up after that because they mis-timed the market. Many of the folks who sold in 2021 timed it perfectly, but what if the market would have kept running?
There is a reason all the wealthiest families in America buy great real estate and hold it for a long time. It works and it is extremely tax efficient.
When should you sell?
When you could use the money for something else or a life event necessitates it.
Trying to put that first big chunk of money in your bank account? Sell.
Have you added value to the properties you own and could put the money into other properties with more ownership for you? Sell.
Ready to retire from the day-to-day management of a property or are you burnt out? Sell.
Trying to time the market? Don't sell.
The best real estate investors aren't in the market of buying and selling real estate trying to make a few hundred K or a few million bucks.
The best real estate investors accumulate great real estate and hold on to it for a long time.
When something mildly interesting happens I make a note of it in my phone.
When the list gets 10 things on it I call my grandpa. We talk & laugh for 5 mins every 2 weeks. We love it.
I got custom clothes made recently. I got three suits, a tux, two blazers, three pairs of dress pants, 8 shirts and ties / belts / socks / shoes for about $10k.
Then upgraded all of my jeans and shorts, polos. Mix of LuLu, Rhône, Swet Taylor etc. I traded out all of my boxer briefs for Kuiu Merino Wool and the difference is incredible.
Confidence and enjoyment is up, very worth it.
Justified it by getting the used 2021 Expedition Max for $36k vs the 2023 Escalade for $120k. Also saved enough to make up for my full time Nanny’s salary for a year and a half ($50k / yr).
My dumb friends watch videos online of people doing dumb things. All day.
They’re having a ton of kids.
My smart friends are watching business lectures on YouTube and scrolling Twitter.
They’re waiting to have kids.
I think the internet is causing backwards evolution.
Something I’ve changed my mind on:
In 2017 I thought drive by traffic didn’t matter. Google is how customers find businesses. That was incorrect.
We have properties that are thriving without traffic.
But ALL of our properties with 10k+ cars per day are crushing it.
Industrial parks and side streets are horrible locations for self storage facilities.
Some sales aren't worth winning.
Stress exists when you over-promise and struggle to deliver. It's difficult to do what you say you're going to do when you promise the impossible.
Do NOT spend your entire sales call bragging on your company and talking about all the positives. We're the fastest, the most affordable and the best!
Talk about the risks. What you're afraid of. Why it could go wrong. What you WON'T be able to do and what CAN'T be expected of you.
Create an environment of trust and the other party will end up selling themselves.
Onward and upward!
I am building my own sales training company and the results so far have been phenomenal.
I've hired sales coaches for 8 people in my companies - from my acquisitions guys to my operators who sell services.
Call recording breakdowns, script work, funnel consulting, follow up schedules and copy and more. We're closing more deals and driving more revenue.
Schedule a call here if you're interested!