On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to talk to Tim Harris. Many might know him from Real Estate training and Coaching School Podcasts and his wildly popular book Harris Rules. They discuss how to be successful in business in general and in real estate, there are many rules to be successful, and there are all some rules that Tim Harris narrowed down to simple steps in his book. Tune in for the best ones!
Episode Highlights:
- 95% of all transactions in 60 months are going to be done by agents or people who do not yet have real estate licenses.
- There has always been a high failure rate in any business, and 24 months is the average amount of time that any business, according to SBA, stays in business.
- Tim and his wife knew each other in high school, and they have been married for 31 years. They bought their first investment property when they were right out of college.
- One of the things Tim has learned is that very few people are willing to do what they don’t want to do when they don’t want to do it at the highest level. Very few people are willing to learn the necessary skills, and very few are willing to stay the course even when they don’t have passion.
- Most people have an impossible time seeing what their future selves will be like, and that is the reason that the average American only has $400 saved or something like that.
- In the third year of their business, Julie and Tim hired a buyer’s agent, and they started doing some marketing and branding.
- Tim quickly realized that he needed to stay on the path where they are going to be able to have enough income coming from passive income sources because they can’t be transactional for their entire lives.
- It’s almost impossible for rates to go up meaningfully. So, for agents to be having any over-emotional reaction to rates is unfounded.
- The demographics are so strong for home buying and transacting right now, and it’s never been like this in history before.
- If you start thinking about the negative, you start having negative headlines swimming around your head, and you are going to stop. You are going to manifest negatively in your life.
- Reputation is something you earn, and a brand is something that people will tell you, and you can buy, so you will have a reputation.
3 Key Points:
- Tim shares his top one or two mistakes that he had made as he fumbled through his early years.
- The average cost to build a new home has gone up 30% and is increasing.
- Your passive income goal should be to have enough money coming in every month that covers all your personal overhead.
Tweetable Quotes:
- “When you profit from your real estate business by what you did and then invest it in something as simple as the S&P 500 index fund from Vanguard, it will double every seven or eight years.” - Tim
- “The branding and marketing stuff that everyone frankly was wasting a lot of money on was started back in the 90s.” – Tim
- “All our goals should be to help as many people to buy homes as possible because real estate is consistently the best wealth creator, at least in the past many years.” – Tim
- “We also have to not allow agents to point at everything in the market as to why they’re not having success because the market doesn't dictate our success. It just dictates the strategy.” – Monica
- “You can spend as much money as you want to fool the world into thinking that you’re successful, but you’re not in reality.” - Tim
Resources Mentioned:
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