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Unicorn Hunting for Real Estate Investment Companies with Neil Timmins
Episode 3579th June 2022 • Real Estate Investing with the REI Mastermind Network • REI Mastermind Network | Real Estate Investing
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Neil Timmins has been in the Real Estate industry for 17+ years and involved in nearly 2,000 transactions. He has morphed from the #1 RE/MAX Agent in Iowa to a full time house investor. Nearly 100 transactions per year including wholesales, fix and flip, rentals, plus a few commercial transactions. Right now he is focusing on transitioning his business, over the next few years, out of houses and into commercial real estate. As he says “everything we do will have another Zero”. 

He actively partners with other fix and flip investors adding value to their world by providing funding and helping streamline their processes. 

Neil wrote the book Unicorn Hunting - For Real Estate Investment Companies. How to easily Attract, Screen, Interview, and Land a Unicorn. The Complete Hiring Funnel. He is launching his new podcast in the coming months focusing on helping investors get on the right path to build their legacy. 

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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

Transcripts

::

Welcome to the REI Mastermind Network where host Jack Hoss gathers amazing stories from leaders in real estate investing.

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In each episode, our guests will tell you what they're doing that works what they've tried that failed, and best of all, you'll learn actionable steps to take your real estate investing.

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To the next level now, here's Jack with another value packed episode.

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Neil Timmons with us here tonight, Neal.

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I really appreciate your time.

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And this is the book for those people.

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That well, I.

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Should say this is the episode for those people that are looking to scale and and Neal has a fantastic book and if I think John Martinez has been on the show, Neal and a few others that have recommended your book.

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And it's called Unicorn hunting for real estate investment company.

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How to easily attract screen and land a Unicorn?

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The complete hiring guide and everything in this.

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This book we've been talking quite a bit lately about scaling your business and and this is a big aspect of it.

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Neal, that I think is really missing and I really appreciate you being here.

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No doubt.

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With me today.

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I'm excited to hear.

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Thank you for.

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The invitation, so it's obvious that you've got a lot of fans you know and regarding this and it's it.

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It frankly reads like you've written, or you've consulted in this type of thing before.

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But what I thought was really striking is that in your book you mentioned that you were.

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You were the worst hire, and now you've basically gotten out of your way and and skills business.

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I was joking with a friend today.

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He said I've got.

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I've got one more.

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You know, he's talking about his business, talking about the changes that he has made, one that's forthcoming and he said.

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I want to get done with that.

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I've got one left to make.

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I've got one person who's gotta just gotta go and I said.

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Is it you?

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But so oftentimes it is us.

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We are in the way all of us, you know when we think about the role, the particular role which we should hire for and who's filling that role today.

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So often, you know, we start as one man, bands, many cases and work our way through.

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And there's just so many roles that we have to play from the beginning that we should never play.

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And at some point, it's got to go if it.

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If your goal.

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Is to change that job, which is what we start with into an actual business and scale up.

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We've got to not do certain things as individuals and put the right people in the right seats.

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Yeah, you know it well. One of those things that you point out in your book is that it costs like $15,000.

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If you if you hire the wrong person in that role, I don't putting a number to it like that really makes it concrete.

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Yes, that is the cost of a wrong hire and that's that was done through a national study.

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That's what they came up with just north of $15,000 for the wrong hire.

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And I can tell you I've hired.

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We can go down a Horror Story, but I've hired was probably the worst hire in the history of hires.

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Past me if you will.

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It cost me hundreds of thousands of dollars 'cause having the wrong person in the wrong spot all the time.

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Energy, effort, the burn and all the damage that they can do to your business either material damage.

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Or just from a?

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You know they're cancerous.

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Well, through the culture they can just wreak havoc and throw you off course for an extended period of time, especially when you know, let's begin and most of us operate very small businesses.

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You know we're not dealing with hundreds of people.

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One person is very impactful in our.

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World, Yeah, so let's before we go any further.

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You said you.

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You might even have a link for people because the book when you go to Amazon it's available there, but frankly it's got kind of a hefty price, so you have a special link for people.

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Yeah, I set this up.

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I wanted to make sure I was able to add value to your show, but you're right.

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I mean, it retails for nearly 50 bucks on Amazon.

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On right, the cost of a bad hire cost of $15,000, so it's a. It's a book that's certainly worth it, but I want to make sure I was able to add some values.

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So, I'm giving the book away for free. Just pay the shipping handling so you get it for under 10 bucks. It's land, a Unicorn landaunicorn.com.

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Well, everybody definitely checked.

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That out so Neil when it when it comes to.

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To this, let's see.

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You know people are making a decision.

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They're going to scale.

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They're going to do exactly this.

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They're going to make their.

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They're going to make their first hire.

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I think part of this is kind of a mindset shift is the is the fact that I think as an entrepreneur.

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No doubt.

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And as a real estate investor, we're convinced to a certain extent that there isn't anybody we can hire that can.

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Do it better than us.

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Correct, there's no doubt, yeah, you're exactly right, and I say it's all has to do with your.

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I'll be a little cheeky here, but honestly with your.

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Yes, your belief system, right?

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Your belief system that that's and.

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That's what those are.

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The stories that we tell ourselves and and I told myself that exact same thing, is it related to the acquisitions role which it was like that.

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That thing is never going to leave my hands until I finally got to a point where we going, I just can't do it anymore, we.

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You know, we there's too much opportunity.

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I know I can make a big impact in.

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And in people's lives who we can bring on.

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So eventually I worked myself into the spot where we hired multiple acquisitions people, and there's plenty of people out there who can actually do a better new.

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Yeah, it it's.

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It's kind of interesting as well because you know, frankly, I mentioned it in the forward of your book.

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Somebody had written a story about there.

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Dad about being 56-year-old, 56 years old and dad starting up.

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where you're putting in sixty:

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Yeah, no, you're exactly right.

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Yeah, Pat Precourt wrote the wrote the foreword there and then wrote that story about his.

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Father and it was.

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I know it resonated with me when he wrote it and I know it's certainly been impact.

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In his life, the fact that we have jobs, and we are grinding in in it in order for us, especially if you're in the you know, if you're in well for all of us in the single-family space, you know one deal is not going to retire any of us.

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So, you're, you're fixing and flipping your wholesaling.

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This is all the transactional business, even in the buy and holds unless you buy a ton, it's still operational.

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In order to get that that machine to go.

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Is that we're putting a lot of effort in here, and you know, the with the intent for.

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For most of us who get in this, it's a wealth building journey that takes a period of time and you have to have a labor of a labor of love.

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It's really what it is, but you at some point we need to have a discussion with ourselves to go what what's the actual end?

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If we.

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Look like 'cause if I know what the end looks like, I can come back and build it correctly and actually build a business that serves us as an individual instead of us serving the business.

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Right, so let's say somebody is looking.

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To hire their first hire where?

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Position or when it comes to real estate investing, where should they start or what should they consider replacing themselves first?

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Yeah, it's great question.

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I think it has to do with what do you do with strengths and weakness evaluation.

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You need to know yourself and I talk about this in the book.

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You need to know yourself and then inside the business you know what are you.

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What are your core values?

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What's your culture like in your business, and it may just be you.

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That's OK, but what's your culture like?

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What do you want it to be like?

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And then you need to hire from there so the actual role in which you should hire.

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You know most of us end up in a sales role to begin with, to go out to put deals to put transactions together so the balance that that would be.

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Hire somebody who's not like that.

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Hire somebody in the backside to leverage you.

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Do all the things that are not revenue generating.

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Activities, that's what they should be doing.

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And and for me, you know my.

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Some of my best hires has been.

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The person who's opposite of me polar opposite in almost every regard.

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A personality wise and then skill set wise.

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What we have to what we have.

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The commonality.

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We have our core values that in which we would not.

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You know accept anything but that of one another.

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So, they line up perfectly from a higher standpoint.

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And from an action standpoint, they are what I define a Unicorn to be.

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They're the absolute perfect to fit inside that role, and they may match the company culture at the.

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Same time.

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So, at what point should a person is there?

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Is there a thermostat where they where a person might be saying to themselves?

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Should they hire somebody, they're just starting a Business Today.

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Should they get somebody on board right away, or should we like at a certain point, when we're scaling and growing our business, do we finally have to realize?

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That you know maybe I'm the bottleneck.

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Yeah, it's a.

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Good question.

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I can tell you my biggest mistake is not hiring early.

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Enough and and we're at a point today, although.

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So, you know, we strategically hire.

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I am always looking for somebody who's perfect, a perfect fit.

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'cause if I was able to find somebody who's a perfect fit from a from a culture standpoint and they had skills that I know I could put to work someplace, I'd bring him on and I'd create a role 'cause I can figure out.

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Just like all of us, I mean, we can.

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Figure out and all of us as entrepreneurs as let me reference traction as visionaries in that role.

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We can come up with 100 ideas and how?

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To generate revenue, and there's a whole bunch of training teachings out there to be able to generate it.

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Oftentimes it's who's going to do it 'cause there's only so many hours and we can only do so much.

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So, I think it's in terms of when's the right time to hire.

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I mean sooner than what you need to be.

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I don't know why I do it right away.

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There needs to be some revenue flow there.

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You need to be focused.

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On revenue generating.

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Activities and you get to a point where you're going.

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Oh, I know I could.

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Do more if I.

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Wasn't doing these things.

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It's time to hire.

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Right, I think I think it's really important.

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Like what you said is to.

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Really assess your skills because it's.

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It's kind of amazing to watch some people, especially entrepreneurs, when they when they get into.

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Into this we kind of romanticize the concept of.

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Of the hustle.

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Sure, and just because you're busy doesn't mean you're being productive.

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Yeah, that's exactly right.

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Yeah, and and you know, I've talked to a couple people sadly who is like oh man, I was so busy today and then when you asked them what they were doing it was designing their business card.

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Right?

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No, you're exactly right.

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See I my entry level to this industry was that of a realtor and so I spent years in the realtor role selling literally.

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Thousands of homes.

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And I can tell you, you know one of the things I learned early on was, you know, there's only four things you should be doing as a Realty receipt, showing homes to buyers, we should be writing offers for buyers you should be running listing appointments with sellers, or you should be negotiating offers for sellers.

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That's it.

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Those are the four revenue generating activities everything else is.

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Supports those activities, but that's it.

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'cause that's where you're going to make your money.

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And so, I learned that early on it was like OK, got it.

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How can I spend 80% of my time in that? Because the rest just doesn't, although it may be, there's certainly things that we do are important outside of that.

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But early on you, if you don't have revenue, you just may not be here a year or two or five years from now to do other important.

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Things right, huh?

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So, with all that being said, I think you know it.

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It is kind of interesting Realtors and real estate investors.

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We have similar workflows to a certain extent.

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Right and you said you got to spend all your time on that 80% that's generating that cash flowing activity when we're when we're talking to people and we're going to hire that first hire.

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That's right.

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What red flags should we be aware of when we're when we're trying to filter through some of these people?

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Yeah, good question.

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So, I break the book is broken into, you know.

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First let's get more people to apply than we would ever need to apply because I think there is quality and quantity and then from there it's got to get systematized.

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So, we figured.

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Out when you literally get thousands of people.

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To apply for one role, how do we break that down and and make it manageable to bring them to bring him in?

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And so, we have him do certain things?

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We have him, you know we test for personality.

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And I lay this all out so.

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It's all you know.

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80 plus reading this percent of this book.

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Is it's almost like a standard operating procedure.

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You know you could turn over to an employee or VA.

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They could do the overwhelming majority of this work.

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'cause it's broken down procedurally, step by step by step 'cause I want to give something to somebody.

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I'm almost like a manual if you will, so they could just take it.

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And use it instead.

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Of having to try to.

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Figure it out, which is what I had.

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To do from the beginning.

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So, it's bringing people through for us.

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You know, one of our big things is somebody gotta be somebody gotta be super smart.

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I want intelligent people out of all the studies that have been done intelligence.

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Largely, IQ has been proven to be the number one contributory factor in success in a role, because how fast you can learn something and connect the dots tells you how quickly you're going to come up a curve, and so for us, that's a big factor, and so we test for it.

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So, for we literally have hard lines in the sand to go.

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Well, you have to have a personality of.

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Acts for whatever role it is.

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For hiring for an accounting role, we're hiring for a sales role.

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Those are different personalities, but we know.

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What that is for?

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The role and then gotta gotta be, have certain level intelligence men from there.

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It's literally running people through a question mean when we interview people.

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It's asking them questions; it's scoring them their answers along the way and then.

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When we have a deeper interview, it's coming from us.

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It's a place of coming from culture, so we want to know what our core values are, what our culture is, and be able to.

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Ascertain or there's somebody to line up?

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Are they you know for us, total accountability.

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So, when we ask questions, knowing that total accountability is A is a culture piece for us.

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It's a core value for us when I ask a question, I want to understand if they screw up.

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Do they take ownership, or do they place blame?

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Because if you place blame, I already know you're not going to line up in my culture.

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It just doesn't work here.

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Yeah, I, I'm gonna guess too that if somebody is motivated in that way, they're going to make sure they do it right the first time.

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Correct, you're exactly right, yeah.

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So, I find it really interesting that when you started this part of the conversation, you actually even said you tried to write this book as a as a way in which you could even hand that over to somebody else to do the hiring for you, that that that isn't.

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Correct, correct?

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That is a mindset or mentality that I just find amazing.

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That's good.

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That's we had.

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We had to get to that.

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Point like in.

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You know, coming through and starting to as you grow your business, certain things.

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Have to be put in place.

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You know what are the what's the old saying systems?

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Run the business.

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People run the.

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Systems so we had.

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To create systems inside the business.

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To go all right perfect and somebody has to run it.

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But it doesn't have.

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To be me, it doesn't have to be you.

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And so, the overlong majority of hiring in in our business, even though it's so small, the overall majority of the actions that take place or done by somebody else.

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The meat I come in very late in the in the conversation because we've got procedurally.

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We've got screening mechanisms put in place to weed people out.

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So, when you hire somebody with this type of talent and and you're having them plug into it, or do you have them also right?

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And the processes and procedures so you have these documentations?

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For the next person.

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You bet, yeah, yeah, we've.

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So, you really don't.

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You don't do that either.

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We've got a.

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We've got a standard.

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We've got a standard operating process for creating standard operating processes.

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Yeah, that's awesome.

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Yeah, I.

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I get involved.

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Yes, because there are certain things you know.

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Part of this is, you know, I'm 18 years in the in the industry.

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I've got probably more accumulated knowledge in real estate than you know, than the majority of my team.

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Maybe the whole team combined.

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I say that respectfully, I just have a lot, so some of this involves extracting that information and the knowledge that I are possessed and put it into a process.

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So, I'm getting involved in various pieces.

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To go all right, well, here's where the tweak is.

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And here's why, because you know, after thousands of transactions, kind of learn some things along.

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The way so here I.

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Tweak some pieces here and there.

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But there's a bunch of things that they do that I don't have any input on.

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They would absolutely, they mean they know more about it.

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They take ownership of it.

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They'd be training me.

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So, you know in in your book as well you said you know the end goal is freedom or and and to really to fire yourself, have you?

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Would you say you've achieved that?

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No, and that's a no I haven't.

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I was gonna say it's a choice, but it's actually I.

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I think it is a choice, but I'm also not there.

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Although I am financially free I I'm it took me 5 years and three months or buying my first rental property to get financially free knowing what I know now, that would have probably been shrunk in half, but no.

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Well, I'm not, but I absolutely love this.

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I you know, I always tell my I tell my wife you know my other mistresses real estate.

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It's just a passion of mine.

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I mean I love what I do.

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I love who I do it with and.

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I probably will.

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Never quit even though you know I'm at.

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I'm at a point where I could.

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I could certainly do some things differently.

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It's just that.

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Much fun, so let's say you're going to make that first hire, and I'm.

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I'm hoping that this is going to be more of a universal question.

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Yeah, what?

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What are like the top three questions that we should be asking that?

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A lot of people might have?

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Void when hiring somebody.

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Oh, that's a good question.

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You know what?

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Why don't I tell you?

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Let's do this, I'm gonna I'm gonna answer these two different ways I'll give you because we have two different paths which we send people down.

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Depending on the higher meaning, salespeople go down one path and everybody else goes on a different path and all of that in the.

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Book so you know.

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Exactly what to do?

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So, let's talk about you know.

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Everybody who's not a salesperson.

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You know these questions are coming from a cultural standpoint, so I want to understand, you know what's their superpower?

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I want to understand what is it about them.

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That sets him apart.

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What would their friends say about them when I ask, you know, here's a perfect question, Jack.

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When I call you a previous employer, what are they going to say about you so that does two things.

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First, it tells you I'm going to call your previous employer, and I'm going to validate exactly right.

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I'm gonna I'm going to test you and then it puts.

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You on the spot.

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'cause you would have to get.

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You're going to be totally honest with me, 'cause you know I'm going to find out and we actually do call the previous employer.

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Yeah, from a salesperson standpoint, you know the studies have shown that you know ego strength, the ability, really, the meaning, the ability to take a punch, and be able to get back up and just keep.

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Rolling is a.

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Giant factor in one success.

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There's other pieces that contribute to that, but the ability to do that and just keep moving.

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And so, we I, I lay the whole process out for interviewing a candidate, but I'll.

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Just take it to the.

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And here so at the end.

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This is how we close in interviewing a sales candidate, no matter what the no matter what the interview has been like for the previous 30 to.

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45 minutes.

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It's it simply closes like this Jack I.

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I really appreciate you taking the time to connect here.

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I've learned a lot about you.

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I can tell you that you know, based on everything you've told me and your experiences.

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I just don't.

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I know you're great guy.

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I know you have a lot of success in other industries, but this industry is just super competitive.

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I just don't think you've got what it takes to compete and win in this industry.

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And I just am quiet because somebody with ego strength, right?

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Somebody who wants to sell somebody has significant self-belief, will not take what I just said.

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They're going to find a way to.

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Navigate and turn that into selling me on all the positive benefits, all their qualities, everything.

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That they just believe in themselves that totally.

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I'm absolutely wrong and I missed.

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I missed the ball.

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Wow, I if anybody could pull out one nugget that is the one right there that that's a great way to weed out anyone and everyone I have you.

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Have you ever hired anybody who just went well?

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I guess it isn't a good fit.

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No, I get I get out.

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I'm in the interview.

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The interview is done in like literally under a minute.

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Then we're finished, right?

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Yeah, no, never, yeah.

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And and tell the best ones.

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Right?

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I mean, they'll just tell you flat out like.

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Hey, explore, they'll ask you know the probe questions absolute best probe for Russians.

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What do you mean by that?

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Where, how, what makes you say that?

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What do you?

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How did you come on to that conclusion?

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Where what did I miss in our on our conversation?

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That that led you to both think that?

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And they'll this question just like a good salesperson, right?

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Question.

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Just pull it out right and then they'll go into you know they'll flip it into.

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Well, here you know what you're saying.

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Well, is this, but I've got perfect experience that lines up with just this.

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Doo.

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Right, it doesn't.

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It doesn't.

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It's never been contentious, so it doesn't.

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You know what feels like that should be like they normally go.

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OK thanks bye or they'll go, they'll probe for questions and then come right back and and work.

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To close, right?

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So, is there give us an example of when, uh, a salesperson?

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Has kept pursuing you and they just blew you away when they when you did hire them.

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What I did, yeah.

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Well Clint, he's a top sales guy with us.

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Yeah, so I hit him with that question, and he just went listen.

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I don't, you know, probe me with questions right and then eventually you know.

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Well, here's the example, here's the example.

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Here's the example.

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Does that address that?

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Yeah, it kind of makes sense.

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OK, well, it sounds like we've.

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Addressed this and you think I'm probably a pretty good fit, so let's take the next steps and schedule another conversation like OK, let's do that.

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You know what's awesome with when you're talking to salespeople is?

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That you know what they're doing and but you still just kind of follow suit anyway?

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Yeah, yeah.

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You know it's.

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It's amazing to watch it.

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Yeah, so then we go.

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I have a part of our salesperson process.

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After that interview we move to another interview with the candidate and then my cielo, Eva and so we go through another series of questions there.

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That's largely a cultural interview there.

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Then we go to what I call the UN hire interview, and that is where I literally lay out.

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You know this is a brief interview, maybe 15 minutes and it's more conversational than his interview to go.

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Hey, you know I'm interested.

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I want to talk about what the next steps look like, but I want to go through all the.

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Reasons why you may not want to join here, and I unpack I, you know, I pull the skeletons out of the closet and I'm, you know, I make.

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This Kelvin dance.

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So, I literally just go through and go all the whatever it is we're struggling with.

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Whatever it is we haven't solved, I just bring it all out.

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I go hey, this is where we're at and here's where we're going.

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But this is the problem, because you know we haven't.

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We haven't.

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We're not there yet.

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We haven't solved this.

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I don't know if this can work.

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I let me let's let me be an exact example.

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When I heard client, we didn't buy virtually we only bought in person, so I said Clint listen I don't I don't know.

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I know lots of people do it.

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I know thousands of people do this successfully, but I've never done it once.

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So, I don't know if we can do it and then the next one, right?

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I'm going to going outside of our market to buy virtually.

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We've never done it.

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I don't know if we can do it.

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I know lots of people.

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Can do it.

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I just went one by one by one down the line.

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Like with him this he's been registered two years now, so you know probably 7 things one after another.

::

And then he literally sat there.

::

Didn't say anything, took notes the whole time, and then I just open it up.

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To him and then he goes OK.

::

Well, listen, the first one, he just went repeated number. Whatever problem number one was well even by virtually listen when I worked for FedEx 22 years ago.

::

And here's what we were at.

::

Here's how we expanded.

::

We didn't have this; I mean just relayed.

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You know, he just gave me.

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Here's exactly the situation we're in.

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And here's how we.

::

Addressed this and here's how we overcame it.

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So, we won by one look, so he took all those.

::

All my things for him were just objections that he had to overcome and show me that he's already been through an experience addressed, it, solved it and then closed.

::

I have never heard anybody do this aspect of the hiring process is what you called the UN hire?

::

That that's brilliant, that's.

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Nobody when we get to this point, nobody has ever said, OK, you're right.

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I don't want to work here, they all.

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They'll say, OK, great.

::

I think it does a couple of things you know for me, you think?

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About the traditional hire process.

::

It's like hey come work here it's all great.

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There are no problems, everybody gets along Kumbaya like that's not reality.

::

And so, although everybody does get along well here, but it's not like we're without issues or.

::

We, I mean.

::

Every day there is something that has to be solved.

::

We get even though you know this from being involved in a transaction you have.

::

Sometimes there's a new transaction.

::

There's a new problem.

::

There's something you're going.

::

I've never seen this one.

::

OK, let me think about how we're going to resolve this one.

::

And there's certainly business goals that that come up that you're going OK if it's a goal, it means we haven't accomplished yet.

::

How are we going to get there?

::

And so, I just lay it all out there so I'm candid with people and what that what that speaks to.

::

Then on our side is again back to our core values.

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I want to be totally honest with all people at all times.

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I want people understand that they can trust me.

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To tell them the truth and trust that we're going to get through this, I'm not sure how in many cases, but we're going to get through this, so I just lay it all out there to know that if we're going to be in a, you know we're gonna be in a foxhole I want.

::

Somebody who's committed to be there with a right, right?

::

Knowing that it would definitely achieve that goal, I think a lot of people as well when they think about hiring like that, sale that for salesperson.

::

Yeah, have you ever hired anybody where they're going to be like strictly commissioned and there isn't going to be any like base pay and sure, and how that work?

::

How would?

::

How does?

::

How does those conversations go and.

::

Is it?

::

Is it exactly the same?

::

Exactly the same.

::

Yep, exactly the same, it's just it just comes through a when you make that offer you know and.

::

People know that when they apply, this is what it's good at.

::

B then certainly in my I've done it in two places in the realtor world.

::

Obviously, that's only commissioned, so you hire all those people.

::

Everybody knows what they're signing up for in this world.

::

I've hired it, same thing.

::

It's the same conversation.

::

It's just they know what they're signing up for in the sense that somebody coming in through our job.

::

Ad and it's clear.

::

What they're saying.

::

You know, there's no bait and switch.

::

They know what they're getting into.

::

So, you know just to kind of unpack a few things that you've said here so far tonight, is it?

::

It sounds like it's well there was a significant benefit with you actually doing a lot of this work and you know us doing that hustle because you kind of have a strong idea of the process from beginning to end.

::

So at least you have a cursory.

::

Idea of what might need to be filled.

::

In but we have to go through.

::

That exercise of writing some things down, not only.

::

What your limitations are, let's be, let's do some honest assessment associated with our individual skills.

::

Become what your business culture is.

::

Right and and what you wanted?

::

I've.

::

I've mentioned this before until you actually write some of this stuff down.

::

It be it's a dream.

::

And then when you put it on paper it becomes.

::

A target so.

::

That's exactly.

::

It sounds like that's the situation here.

::

So, with all of that, if this all sounds really good to you, I'm going to.

::

Have Neil give us?

::

That URL to your website one more time, Neil.

::

Yeah, to get the book.

::

Yep, Yep WWW.

::

Dot Land a Unicorn.

::

Dot com.

::

Lambdaunicorn.com check this out. You can't. You can't beat this deal and like we've talked about it's going to be north of $15,000.

::

If you hire the wrong person.

::

And Neil, I'd like to go back to.

::

What you said?

::

There has been you had a higher that that costs you hundreds of thousands of dollars.

::

Right?

::

Would you mind sharing that example as to what happened there?

::

Yeah, yeah.

::

Yeah, so this was a few years back when I had my real Tour Company.

::

So, although I'm still a realtor today I don't.

::

I don't practice, I, don't I?

::

I manage a brokerage.

::

We've got about 6 agents.

::

And then I've got a partner who does everything on my realtor side of things.

::

I was able to work myself out of that role just over a year ago when I brought her.

::

On so this was.

::

When I had a re/max I used to own a re/max by 9 years ago or so, and so I hired somebody, and I did one.

::

I made the most.

::

Critical or a critical mistake, and this is one that I see people who make this mistake often.

::

Is that when they refer to someone or they know someone who works for somebody else?

::

They let that person, just you know, essentially come in the back door and out the front door if you will, meaning skip all the processes and procedures relative to the on boarding process relative with this screening out process.

::

And that's exactly what I did.

::

Here I let somebody come in.

::

Who had I had what I wrote down in the book whatever it and they never would be able to make.

::

It in the front door.

::

So, I let somebody come in.

::

They got played a critical role in the business and and I operate multiple businesses, did back then too and over a period of years successfully thieved from me just literally.

::

Couple dollars short of $250,000, so at the end of that the whole thing got unfolded.

::

You know I was left negotiating with them and a family trying to trying to help this person and this person end up.

::

You know, being.

::

Did 10 years in a federal prison, so not getting someone. You know that's why I said, although the national studies indicate $15,000, I'm suggesting for my own personal life.

::

It's way more than that, getting the absolute wrong person.

::

There's a whole bunch of things that I didn't have in place.

::

I'd mentioned the one you know.

::

Also, not having not even proper culture in place.

::

At the time.

::

I didn't have.

::

I didn't have, you know.

::

Although I was self-aware in terms of my skill sets, was able to hire for that role fine, but the other piece is deal proper culture.

::

Do you know what you are, who you are, and?

::

Then what you?

::

Want your place to be, well, Neil, this was.

::

This was an eye-opening conversation here tonight.

::

I really hope that you will consider.

::

Coming back again sometime, I think we could talk you even talked about.

::

You do have another aspect of your business where you fund, fix and flips.

::

Yeah, we've so I've successfully done hundreds of fix and flips here in my home city, Des Moines, IA, and this year we're rolling it out and we've created a new a new business for us to partner with other folks and other markets.

::

Who are fixing and flipping?

::

It's for folks who are really long on deals and short on cash if you will.

::

They've got experience.

::

They've got deal flow, but they could use.

::

They could use a financial partner, so we literally we partner, I bring money to the table to buy the deal and fund the remodel process.

::

I bring some expertise to help streamline the remodel process and.

::

You know they find the deal, they work the remodel, run the remodel, oversee it, and then we got a profit split in the back when it's when it gets all buttoned up.

::

Yeah, and that's legacy.

::

I think I.

::

See at the domain behind.

::

You there?

::

Yeah.

::

Just over my shoulder.

::

Yeah, legacy impact partners. You know, one of my goals to make a literally a legacy impact an impact so significant that it alters one's legacy for themselves and their fan.

::

And so that's where the that's the genesis of the name. So, if that's something you want to connect with and talk legacy impact partners.com there and and schedule time and we'll connect up and chat.

::

So, and then one last question before I let you go, is there a question you wished I would?

::

Have asked you here today.

::

Oh question, I wish that would have asked.

::

I, I think it only.

::

Be, I think it be fun.

::

You're in you're.

::

In Fargo, correct?

::

Yep, near Fargo.

::

I think it be fun to ask some question about local trivia in Fargo just to see if anybody knows the answer, which I do not so it.

::

Would have been embarrassing to ask.

::

Well Neil, this has been a great conversation.

::

I like I said, I hope you'll take me up on the invite.

::

You're welcome back anytime.

::

And it was just great chatting with you.

::

No, I've enjoyed it.

::

Thanks so much and look forward to the next time.

::

If you learned at least one actionable step to incorporate into your real estate investing.

::

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See you next time.