The best real estate transactions are those built upon harmonious business relationships. If an investor finds an agent he or she truly likes working with, you can expect to end up with a rewarding deal. Chris Craddock talks with one of the best products of the REI revive program, Mike Boonyea. He shares the major milestones he achieved by finding agents who are not only responsible and reliable but also comfortable doing business with. They also discuss the importance of learning from experienced mentors to hone your real estate knowledge and skills, even with one tidbit of information at a time.
The Unconventional Method One Realtor Used to Explode His Business With Mike Boonyea
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…
I’m excited to be here with my friend, Mike Boonyea. He is out of the Green Bay Area. He is a massive stud. Over the months, we’ve got 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 on investor and real estate agent connections. They jumped in to supercharge 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 successful. It’s great because I also get to be good buds with not only the investors, but also with the agents. It’s been fun to talk to Mike about the growth of his business and how things are getting better, especially as he gets better and better at closing deals. Mike, tell us a little bit about yourself, your business and how you and the investor you’re connected with got involved in where we are now.
I’m in the Northeast Wisconsin area, a couple of miles away from Lambeau Field, about 40, 50 miles away. I have a small team myself and a couple of agents for admin that help me run my day-to-day operations. It’s been great working with Chris, helping overcome a lot of objectives when we meet these clients that are looking for these fast sales or clients that maybe aren’t ready to pull the trigger. Doing the correct talk track with them and being able to answer the objectives. That way, you can get the deal done, whether it is on the investor side or the listing side.
I spoke to a good friend of mine who is an investor up North. He is focused on the investor side that he’s like, “I’m going to pick an agent that’s killing it and doing well. I’m going to turn it over to them and let them do everything on their side and handle it.” Here’s the thing, you and I, as agents, both know that the reality of that is even if we have a big business, a good business that we don’t have it all together. There’s growth that we’re still doing especially a lead source that we’re looking at expanding, there’s always the upgrades. You are already doing some of this, but would you mind speaking to the idea like my friend had that if somebody dumps all these things, not even an average but a good agent, what the learning curve looks like and how it would help to have a path to nailing these at a high level?
Once again, back to what you said, if you’re not growing, you’re dying. 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 meeting with you helps. If it buttons down an extra deal a month, it’s substantial. What’s worked for me? These investors, particularly those that I work with, have a ton of leads coming through. First things first, you have to be able to manage the lead. Whatever you’re using, if it’s a CRM, it could be a notebook, you have to have them place properly. I have a lead manager, which I hired to help take on the leads, and so many leads come through. It’s not always the right time for some of these clients, but you have to keep on following up with them because sometimes they need a little bit more time and 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.
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 don’t reach out to an investor for no particular reason. It is nice meeting with them and helping them. Ultimately, we’re in a service industry and 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. The great thing is you create a relationship with these people. It’s not a 1, 2-deal. It could be a lifetime of deals. The whole family might start using you by meeting with them once, and you create a great relationship and help them out.
Don’t get greedy. Take care of the investor because they’re taking care of you.
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. We’d bit off more than we can chew. Automatically, the first thing you do is reach back out to that investor and let them know like, “This property has run its course in my pipeline. Now it needs to go back to you because you have to close this thing,” because they still need to sell their property. I’m a big advocate of sending the properties right back to the investor. Don’t get greedy. Take care of the investor because they’re taking care of you. They’re handing over potentially 1,000 leads a year. If you can convert a portion of them, that increases your business astronomically.
This is one of the big things that we talk about from the agent side is 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 is sharing this. We see it over and over again that the agent is thankful for the relationship. The investor is 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 curious, Mike, would you consider the investor relationship that you have is beyond a business relationship at this point?
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.
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 you choose. I’ll give you an example. My brother-in-law played college soccer at Messiah College. They won 12 national championships in 15 years, and 3 of the 4 years, he was there. They won a national championship. He was the captain on his senior years. One of the things his coach said to him was when they’re recruiting, “Anybody that is here can probably play here. They physically can play here, but I want you guys to choose people that you 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.”
I would say that if you’re an investor looking for who that agent partner is, I’m not saying go find your best bud. 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. Think about it, if this person is a source of hundreds, thousands of dollars of income for you every year, it does become a business partner. The best business partners, at least in my experience, are people that I like. I’ve had business partners who I didn’t spend much time with, and those aren’t the ones that lasted. The ones that I enjoyed time with them and enjoyed the relationship with were the ones that tended to last. I hope that gives a little insight into the relationship between the agent and the investor.
You always learn more when you’re learning with a highly skilled person.
Next little piece here that I would love to talk through because obviously you’re very good at what you’re doing on your own. Before we met, you had a big team. You were doing a lot of business, but I do want to talk about a little bit further into it, getting into the scripts and dialogues that we talked about. Any objections that people happen to have, you said something about even if you can get one more deal a month, how does that change? We’re talking thousands and thousands of dollars. As we jumped into everything, can you speak to some of the scripts and dialogues and some of the things you were learning and how that helped shape some of the appointments you had?
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. Before even meeting with the clients, 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, “How much do you owe? Do have second mortgages? Are you the sole person that’s going to be able to sign for this or do you have a brother or sister? If it’s a probate situation, do you have a husband that’s maybe not in the picture anymore?”
It’s good getting a lot of these things out of the way, figuring out, because then you can go in there in your arsenal and it is fuller. You have the opportunity. We can list your property for $200,000. If you get there and find all that, they want $200,000 and owe $212,000 right away before you’re even there. You’re trying to strategize, figuring out how you can serve that client, and getting that deal closed. Where are you going? What’s going to happen when you leave? There are many good tidbits that you’ve given me that help out drastically. Every time I call up the clients, I’m learning more. Every time I meet with you, I learn more, which helps my closing ratio.
That’s one of the reasons why people go into coaching and these programs is because there’s no doubt in my mind that Mike could have figured all of these things out given enough time. He is a sharp, smart guy. I literally spend over six figures a year on coaching and mentorship myself. The reason I spend that money is because I believe that in this business, there’s so much money to be made that speed is important. Every month that goes by that I haven’t figured something out, that somebody could compress my learning curve, 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.
That is so powerful to be in the room with people that are doing it. I love our support calls as well because everybody’s asking questions, making each other better. Case studies where somebody’s saying, “Somebody said this, how do I handle it?” Then everybody is able to add to that. The next time somebody says that objection, they’re like, “I know this.” That’s the best thing. When you have all of these objections down, you become a tiger playing with hamsters. You know how to answer these things. Mike, do you have any other final thoughts about this? I know that so often, we’re talking to investors on this show. I wanted to share on the other side, what it’s like to hear from the agent that has been connected and get some of the training through the REI Revive Program.
A couple of things back to the training, iron sharpens iron. You always learn more when you’re learning with somebody who’s highly skilled. I’m reading a book right now, Who Not How. It’s a very short book. I think anybody who has an opportunity to read that book, 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 and also a realtor on a high level. He is a who that can make things go a lot faster. It might be one deal a month extra by joining the course. It might be ten extras. As you gain the knowledge and trust with you as a coach and also other coaches, you’re able to go into these situations and figure things out a lot quicker.
You’ve already role-played it, talked about it, and been down that rabbit hole. You can get yourself out and be like, “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 and drink a soda with them. I’m going to create rapport. 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. These are little tidbits that some people don’t think of, but by joining a coaching group, you learn these things and learn them a lot faster than if you were to try to learn them yourself.
Thank you for the kind words. I love the fact that we have been able to work together. 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, thanks 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 what we do is we teach the investor how to find a great agent and set up the agent, but then we will train the agent as well. I know most investors don’t spend and interact much with agents. It’s a great time to hear from that. Mike, thank you so much for that.
Guys, 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, head over to www.WholesalingInc.com/Revive. 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. Thanks so much for tuning in. I look forward to seeing you on the next episode.