He asked if I had any vacant properties they could show their students on Sunday morning to illustrate what distressed properties look like so they would know what to expect in this business.
I said, “Hey that sounds great. I have three, as a matter of fact. I will see you Sunday morning.” So I showed up, thinking, “This will be a great way to meet some new investors and bring some guys in under my wing and build my investor list.”
I started talking with people about real estate coaching when they showed up Sunday morning
I talked to a woman who was a school teacher who had put $2,500 into the coaching program and could not wait to get started.
I wondered what you get for that $2,500. I quickly learned these people all wanted to tell me how much money they put into this coaching program like it was some kind of badge of honor or something.
The next guy I met told me he is an accountant in a nearby city and has spent $15,000 on this coaching program, adding, “I am having the time of my life.” Oh, great.
Then I got on the bus and sat down next to a guy who told me he has been doing this coaching program for three or four years and has spent more than $40,000 doing so.
When it was all over and done, I found that of the almost 30 people on this bus, not one had bought a house yet.
And they were just tickled pink about what that coaching program was doing for them. I could not figure out how you could get somebody’s money like that and continue to keep them happy and keep paying you.
How our real estate coaching is different than what the “gurus” do
I can tell you that what we do is much different than what these “gurus” do.
When I talk with prospects considering this business, I tell them, “I want you to know that I am not a franchise sales guy. You will not be hearing a sales pitch from me today.
“So as much as your are listening to me about the HomeVestors house-buying business opportunity, I am also listening to understand if you would be a good fit for HomeVestors and if you really understand our business. It’s not for everybody.”
This is a tough business and we do not want people to come aboard disillusioned, thinking because it’s a franchise they are going to get into this and automatically start buying houses.
But if you are passionate about real estate investing like I am, and you understand the power of the HomeVestors brand and systems, then I think we will work very well together. Because I will, as a coach and mentor, be a partner in your business.
A real estate coach who has been down the road before
I am going to make it a little easier for you because I have been down that road before and I’ve had some experiences. I have weathered the storm from the crash of the housing market, and back.
A lot of the things you are going to encounter, I have seen before. And I will be able to guide you to overcome or sidestep those problems.
When I meet with a new franchisee who has just returned from their initial HomeVestors franchise training in Dallas, and are ready to get their businesses up and running, we discuss with them three levels of responsibility:
- HomeVestors – What their obligations are to the franchisee.
- The development agent’s responsibility to the franchisee.
- The new franchisee – Their responsibility as a franchisee.
My responsibility as a development agent is to support you on a daily basis in the field doing the fundamentals of buying houses.
That involves things like being accessible so you can call me during times when you are standing in front of a house, and you are not sure if it needs a new roof or not.
Or, visiting you we can ride together on appointments and make offers to sellers.
For example, I talked with a new franchisee yesterday who was looking at a house with a below ground oil tank.
He found out it was going to cost an extra $20,000 that he had not planned for to get the situation mediated.
I advised him about some government agencies that might cover a big part of that expense for him.
These are the kinds of things I do as a franchise coach.
Can you imagine if this real estate investor had been working on his own?
He might have paid the $20,000 and not known until later on that he didn’t have to. This could have put him out of business!
The coaching I do is mostly field-related, hands-on house buying—looking at repairs, negotiating with sellers, crafting the contract, getting it to the attorney, understanding the process of buying through title and escrow.
HomeVestors provides support for everything else with your business that other coaches and gurus do not.
You have access to a proprietary system called ValueChek that calculates repairs, accounts for comparable sales and determines your offer to the seller.
You are provided a database to manage all of your seller leads.
Our marketing arm called AdVestors is second to none with state of the art technology for connecting with sellers. The Internet operations department uses powerful search engine optimization to keep HomeVestors out and in front of the competition!
So, I understand where you come from if you have been in this business as a real estate investor confronted with a guru type coach. I see it all the time! I go to these real estate investor club meetings where they will bring in a speaker who will tell you how he got rich in real estate.
And he’s going to tease you and tell you if you want to learn more about his magical system for making money in real estate, you must come to his boot camp on Saturday morning for $50.
When you get there, he’s going to upsell you to get the rest of his “hidden secrets” for hundreds, even thousands of dollars!
We do it differently. Whenever I see a system like this, I tell people to ask themselves: Who is benefitting more—you or the coach? If it’s the coach, you’ve got a problem!