Posted on: June 18, 2021

Chris’s ultimate goal with the REI revive program is to help businesses to become extremely successful. One of the best products of the program is Mike Boonyea. Mike has achieved milestones in his business as well as his relationships with his investors.

Tune in to learn the essence of having a harmonious relationship with clients, investors, real estate agents and how it can positively affect your business.

Key Takeaways

  • Investors and real estate agents must have good, functioning relationships.
  • As a real estate agent, you must be able to learn the tricks of the trade continuously
  • Investor-agent relationships should be a give and take.
  • Know your clients thoroughly to help them properly
  • You will learn best from highly skilled people.

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Episode Transcription

Chris:
What’s up everybody. This is Chris Craddock with REI Revive and I’m so excited to be here with my friend, Mike Boyea. He is out of Green Bay area. He is a massive stud and over the last, I don’t know, what is it, four months, we’ve gotten to be good buds. He and the investor that he does a lot of work with, joined the REI Revive program. They were already working investor and real estate agent connection. And they jumped in to really, really supercharge that. And one of the things that, one of the promises that I make, is that I want to help the agent, not just the investor set up their system, but help the agent be massively, massively successful.
And it’s just been really great because I also get to be good buds with not only the investors, but also get to be buds with the agents. And so it’s been fun to talk to Mike about the growth of his business and how things are just getting better, especially as he gets better and better at closing deals. So Mike, just tell us a little bit about yourself. Where are you located? I guess I already said where you’re located. Just tell us about yourself, your business and how you and the investor that you’re connected with got involved and where we are now.

Mike:
I’m in the Northeast Wisconsin area, a couple of miles away from Lambeau Field, all the way about 40, 50 miles away. I have a small team, myself and a couple agents, four admin that helped me run my day-to-day operations. And it’s been great working with Chris, just helping grow, overcoming a lot of objectives. When we meet, these clients are looking for these fast sales or just clients that maybe aren’t ready to pull the trigger, just doing the correct talk-track with them and being able to just answer the objectives. That way you can get the deal done, whether it is on the investor side or the listing side.

Chris:
That’s awesome. So, what I keep hearing from agents is, literally I just spoke to a good agent, a good friend of mine who is an investor up north, and he is so focused on the investor side that he’s just like, man, I’m going to just pick an agent that’s killing it, that’s just doing well. I’m going to turn it over to them and let them do everything on their side and handle it. And here’s the thing, you and I, as agents both know, though the reality of that is even if we have a big business, even if we have a good business, that we don’t have it all together, there’s growth that we’re still doing.
And especially in a new lead source or a lead source that we’re looking at expanding. There’s always the upgrade. So, would you mind just speaking a little bit too, because you were already doing some of this. But would you mind speaking to just the idea that, like my friend had that if somebody just dumps all these things on just an average agent, not even an average, a good agent, what the learning curve looks like and how it just really, really would help to have a path to really, really nailing these at a high level.

Mike:
For me, what has worked out great for me. Once again, back to what you said, if you’re not growing, you’re dying. So you constantly want to be growing and learning tricks of the trade. I know I felt like I was doing a great job and then just meeting with you, it just, it helps if it buttons down an extra deal a month, it’s substantial. So, what’s worked for me. These investors, particularly that I work with, they have a ton of leads coming through. First things first, you have to be able to manage the lead. So whatever you’re using, if it’s a CRM, it could be a notebook. You just have to have them placed properly. I have a lead manager, which I hired to help take on the leads and just so many leads come through. And it’s not always the right time for some of these clients, but you just have to keep on following up with them because sometimes they need a little bit more time. They need a little bit more help.
The reason why they typically call out to an investor, is they’re willing to sacrifice equity for speed and convenience. And sometimes you may go there and you have to help them out a little bit more. They need a little bit more handholding. They typically just don’t reach out to an investor just for no particular reason. So it is nice meeting with them and helping them out. Ultimately we’re in a service industry and we’re serving these clients. I have clients that I’ve been working with for a couple of years now that are sent over from the investor group. And the great thing is, you create a relationship with these people. It’s not a one-two deal. It could be a lifetime of deals. The whole family might start using you just by meeting with them once.
And you just create a great relationship and just help them out. And then also on the other end, from the investor standpoint, the fact that you’re nurturing the leads and if something were to happen where this person’s not able to get the property, maybe they need to do some updates. And then they’re like, well, we thought we’d bit off more than we can chew. Automatically, the first thing you do is you reach back out to that investor and let them know this property has ran its course in my pipeline. And now needs to go back to you, because you have to close this thing, because they still need to sell their property. And I’m a big advocate of sending the properties right back to the investor. Don’t get greedy, just take care of the investor because they’re taking care of you. They’re handing over potentially a thousand leads a year. And if you can convert a portion of them, that increases your business astronomically.

Chris:
This is one of the big, big things that we talk about from the agent side is, that this relationship needs to be a give and take. The investor is not just giving everything to the agent and expecting nothing in return. It’s this give and take, where, Mike share in this, and we see it over and over again, that the agent is really thankful for the relationship. The investor’s really thankful for the relationship. For me personally, the investor that I started off with when we built out this program, he’s become one of my closest friends. I’m just curious, Mike, would you say, would you consider the investor relationship that you have, beyond a business relationship at this point?

Mike:
Absolutely. Dropping off cupcakes for their kids’ birthdays, exchanging Christmas gifts, hanging out, visiting, doing vacations together. It’s definitely grown into a strong friendship compared to just transactional.

Chris:
And see, that’s the cool thing. I’m not saying that anybody you picked, you need to go vacation with, but I’m saying that probably should be the type of person that you choose. So, I’ll give you an example. My brother-in-law played college soccer at Messiah College, right? They won 12 national championships in 15 years and three of the four years, he was there, they won a national championship. He was the captain, his senior year. And one of the things his coach said to him, was he said, when they’re recruiting, anybody that comes in, anybody that is here can probably play here. They physically can play here, but I want you guys to choose people that you’d be happy to go camping with. Because these are going to be people that are going to be in your life and culturally, that’s what you’re looking for.
And so, I would just say that, if you’re an investor looking for who that agent partner is, I’m not saying go find your best bud. Right? That’s not it, but it needs to be somebody that you like, because this person’s going to become a part of your life. And just think about it. If this person is a source of hundreds, of thousands of dollars of income for you every year, it really does become a business partner.
And I’ll tell you the best business partners, at least in my experience, are people that I like. I’ve had business partners didn’t spend much time with. And those aren’t the ones that really lasted. The ones that I really enjoyed their time, time with them and enjoyed the relationship. Those are the ones that tended to last. So, I hope that gives a little insight on the agent, the relationship between the agent and the investor.
Next little piece here that I just would love to talk through, because obviously you’re very good at what you’re doing, in your own right. Before we met, you had a big team, you were doing a lot of business, but I do want to talk about just a little bit further into it. Getting into the scripts and dialogues that we talked about and the objections that people happen to have. You said something about, just even if you can get, even if you’re good, if you can get one more deal a month, how does that change? Because we’re talking thousands and thousands of dollars, just as we jumped into everything, can you just speak to some of the scripts and dialogues and some of the things that you were learning and kind of how that helped shape some of the ways that you came into some of the appointments you had?

Mike:
I think going back to the scripts, the biggest thing is, it goes back to a lot of basics. It’s figuring out are you ready, willing, and able to sell right now? Getting on the phone, talking to these clients ahead of time, making sure one, you’re not wasting your time. And two, you’re providing value when you do go there. So the initial meeting with the clients before even meeting with them, I should say, you’re already gaining rapport. You’re talking about what their needs are, what their wants are, making sure they’re ready, willing, and able to sell, making sure they’re in a situation where a lot of times these people want to sell and you have to ask them, what do you owe? How much do you owe? Do you have second mortgages? Are you the sole person that’s going to be able to sign for this, or do you have a brother, sister?
If it’s a probate situation, do you have a husband that’s maybe not in the relation, not in the picture anymore. And it’s good getting a lot of these things out of the way, figuring out, because then you can go in there, and your arsenal is that much, it’s fuller. You have the opportunity. Yes, we can list your property for $200,000. But if you get there and you find out that they want $200,000 and they owe 212. Well, right away, before you were even there, now you’re trying to strategize, figuring out how you can actually serve that client and just getting through to getting that deal closed. And where are you going? What’s going to happen when you leave, where are you going? It’s just, there’s so many good tidbits that you’ve given me that help out drastically. Every time I call up the clients, I’m learning more. And every time I meet with you, I learn more, which helps my closing ratio.

Chris:
That’s awesome. And that’s one of the reasons why people go into coaching and into these programs, is because there’s no doubt in my mind that Mike could have figured all of these things out given enough time, right? He is a sharp, smart, smart guy. But the reason, I literally spend over six figures a year on coaching and mentorship myself. The reason I spend that kind of money is because I believe that in this business, there’s so much money to be made. That speed is so important. Because every month that goes by that I haven’t figured something out that somebody could compress my learning curve, like move decades into days. Every month that goes by where I haven’t learned these things that other people could teach me. It costs me tens of thousands of dollars. And so that to me, is why, it is just so powerful to be in the room with people that are doing it.
And I just love our support calls as well, because everybody’s asking questions, everybody’s making each other better. Case studies where somebody’s saying, Hey, somebody said this, how do I handle it? And then everybody is able to add to that. So that the next time somebody shares that, or somebody says that objection. They’re like, oh boom, I know this. And that’s the best thing, is when you have all of these objection handlers down, you really become a tiger playing with hamsters, right? You are the one that knows, you know how to answer these things. So anyway, that’s it. Mike, do you have any other final thoughts about this? Because I know that so often we’re talking to investors on this podcast here, but I want to just share on the other side, what it’s like to hear from the agent that has been connected and gets some of the training through the REI Revive program.

Mike:
A couple things, back to the training, iron sharpens iron. You always learn more when you’re learning with somebody that’s highly skilled. I’m reading a book right now, it’s Who Not How, it’s a very short book.

Chris:
So good.

Mike:
I think anybody who has an opportunity to read that book, just what you said, you can speed the process up so much quicker by finding a Who. Chris is a great Who, because Chris works on both ends of the spectrum. He’s an investor, he’s also a realtor on a high level. And he is, is a Who that can make things go a lot faster. It turns around, it might be one deal a month extra just by joining the course. It might be 10 extra. But as you gain the knowledge and trust, with both you as a coach and also other coaches, you’re able to go into these situations and figure things out a lot quicker because you’ve already role-played it.
You’ve already talked about it. You’ve already been down that rabbit hole. So you can get yourself out and be like, okay, at this point in time they ordered a Coca-Cola, I’m going to get a Coca-Cola. They offered me a soda. I’m going to sit there, drink a soda with them. I’m going to create rapport. And I’m going to do the things that need to be done. I’m going to take notes on my notepad. I’m going to write down everything they say, because now you’re gaining so much more. And these are just little tidbits that some people they don’t think of. But by joining a coaching group, you learn these things and you learn them a lot faster than if you were to try to learn them yourself.

Chris:
Brother. That is awesome. Well, I thank you for the kind words. And I’ll tell you, I love the fact that we not only have we been able to work together and I hope, I know that, you’ve made more money because of this. But I also love the fact that we’ve also gotten to be buds and friends through this process. Mike, thank you so much for being on with us. Thanks for sharing a little bit from the agent’s point of view, what this looks like. Because again, what we do is, we teach the investor how to find a great agent, how to set up the agent, but then we will actually train the agent as well. And I know most investors don’t really spend and interact much with agents. So it’s just a great time to hear from that.
So Mike, thank you so much for that. And guys, if there’s anything, if you’re interested in looking at this, if there’s anything where you would like somebody to take a look at your business and see if this is a good fit for you, please be sure to check out my REI Revive system. Just head over to wholesalinginc.com/revive. Again, that’s www.wholesalinginc.com/revive and schedule a call with me or somebody from my team to learn more about whether this program would be good for you and your business. Again, thanks so much for tuning in and I look forward to seeing you on the next episode.

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