Flip Tip Summary
It’s easy to get caught up being self-focused in any business, especially real estate investing. However, Cory Boatright, and many others have learned that putting others before yourself, and serving them will come back to you in more ways than you ever imagined. Great tip…#RBAS.
Flip Tip Transcript:
Mike Hambright: Hey, it’s Mike Hambright from FlipNerd.com, and we have a quick V.I.P. tip to share with you from Cory Boatright who is here with me. He is going to tell us what R.B.A.S. is for real estate investing.Cory Boatright: Cool, so R.B.A.S. stands for “Remember, be a servant.”
Basically anytime you do something cool, just put a hashtag R.B.A.S., R-B-A-
S at the end of it on your social networks like Twitter, Facebook, or whatnot. That really helps spread this movement. Basically R.B.A.S. comes down to this idea that you’re not alone, and that you need to start thinking about synergy. What that is for real estate investing is… in your mind you might think about your competition right now. What if that competition actually is your “coopetition?”
What I mean by that is let’s say you have a property come up. You’re trying to get five or ten thousand dollars as a host selling fee or an assignment fee and you just cannot find that person, and it’s getting to the point where you’re going to have to give the property back, or make a decision on buying it depending on what stage you are if you are assigning or buying the property. What you could do is call that competition up and say,
“Listen, I haven’t found somebody that I can get rid of this property to, but I know you have some people too. Maybe we can work a deal on this.”
What this is called is co-host selling, so instead of making that $5,000 maybe you only make 2,500 and you split that 50/50. Instead of making 10 you make five each.
What happens is you build a relationship and a bridge with that person. Now you’re able to get a lot more accomplished because you’re out of your fish bowl. It’s no longer you holding on to every little piece that you got because you just have to make that 5,000, or you have to make that 10,000. Now you’re starting to think, “Maybe I can work with someone, and maybe I can actually assign five houses this month instead of my three and make a lot more money just even by splitting the fees. Maybe even do it faster.”
Start thinking of ways you can work together with your “competition” and make them your “coopetition”. I’ve seen some fantastic relationships come from this. That’s what R.B.A.S. is for real estate investing. Make sure you use the hashtag R.B.A.S. on your Twitter, Facebook, Instagram, or Pinterest. We’re working on bringing a lot of different feeds into rememberbeaservant.com. That’s what R.B.A.S. is for real estate investing.
Mike: Thank you for joining us for another FlipNerd V.I.P. tip.
We’d like to thank our sponsors, RealtyMogul.com and National Real Estate Insurance Group.
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Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.