Shownotes
Welcome back to the REI Mastermind Network podcast! In this episode, we have a special guest, David Lecko, the founder of DealMachine. David joins our host, Jack Hoss, to share some exciting updates and a big announcement regarding DealMachine. They discuss the game-changing feature of skip tracing, which is now included in the DealMachine app. David reveals how this new functionality allows users to easily find people associated with a property, whether they are owners or renters, along with their contact information, net worth, and more. Jack and David also delve into the importance of simplicity and focus in business, drawing from their own experiences and mentorship. Plus, David offers exclusive Black Friday deals for listeners to take advantage of. Tune in to learn all about the latest enhancements in DealMachine and gain valuable insights into growing your real estate investing business.
Connect with David Lecko: https://www.dealmachine.com/get-black-friday-2023
Topics & Bullets:
Introduction
- Host (Jack Hoss) introduces guest (David Lecko)
- Announcement and updates to DealMachine discussed
The Value of Skip Tracing
- Skip tracing feature highlighted as a major takeaway
- Importance of skip tracing for real estate investors emphasized
- Discussion on the benefits of skip tracing in DealMachine
Accidental Demo and Positive User Feedback
- Incident during a demonstration leads to discovery of new feature
- New feature reveals people associated with the property, including renters and owners
- Positive feedback from users in real estate industry
- Discusses how this feature expands prospecting capabilities
Automated Property Updates and Paradigm Shift
- Updated feature automatically connects property and tenant information
- Eliminates need for re-skip tracing when tenants move
- Paradigm shift in skip tracing process discussed
- Announcement of the feature made on November 20th
No More Skip Tracing and the Community's Response
- Emphasis on the elimination of skip tracing as a separate process
- Initial confusion among users about the pricing and features
- Highlighting the value and affordability of DealMachine
Impact of DealMachine in the Real Estate Industry
- Speculation about how other services may be affected by DealMachine's features
- Discussion about DealMachine's functionality and benefits for real estate investors
- Focus on driving for dollars and the importance of simplicity
Feedback Mechanism and Product Development
- Importance of customer feedback in product development
- Mentions use of a feature request portal to gather customer input
- Balancing customer requests with the goal of simplicity
- The role of a product manager in the development process
Mentorship and Focus
- Mentors' influence on David Lecko's focus and business decisions
- Importance of focus in business growth and resonance with target audience
- Examples of successful entrepreneurs who started with a specific focus
- Lessons learned from personal experiences with diversification
Challenges and Lessons In Business Growth
- Discussion on the challenges faced in scaling business operations
- Lessons learned from an Airbnb venture and the importance of reliability
- Impact of negative reviews and customer experience on business success
Future Developments
- Overview of past year's developments and enhancements to DealMachine
- Announcement of exporting people data as the next major enhancement
- Mention of filter options based on net worth and spending ability
Conclusion and Next Steps
- Recap of Black Friday special offer from DealMachine
- Discussion about the development cycle for DealMachine
- Invitation for future discussions and updates on DealMachine's progress
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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack
