27 Mar How to Build a 7-Figure Business in the Terms Niche
In this blog post, we hear from Bill Reich on how he's been able to build a seven-figure terms business in the DC Metro Area. At the time of writing this — around 2017 — Bill was a High 6 Associate and still making his way toward seven figures. He has now achieved that goal, as you'll see below.
When I first joined Smart Real Estate Coach, I went right to the High 6 Associate Level. My goal has always been to become the go-to company in the Washington-Baltimore area for anybody who wants to entertain selling or buying a house using creative terms, and this is precisely why I went with the High 6 Associate Level.
Establishing a team
My whole focus is on growing the business and growing our brand, and I’ve got some great people helping me. I’m currently working with a partner Joanne, who works as our director of acquisitions and handles all of our outreach campaigns. She does the pre-qualification and then she turns them over to me for the next step.
Since she lives in North Carolina, I’m the only boots on the ground at this point. I’m all over the territory. I’ve traveled 200 miles in a day to see sellers. (In fact, I need to cut back on that so I can focus more on growing the business.)
While handling the acquisition, she’s going to have two more people I’m onboarding right now. One will help us in Maryland, and the other one in Virginia. They both have full-time jobs and are okay with what they do, but they’ve signed up for the QLS Live event and QLS Video Program. They love our model.
In fact, the lady I’m hiring in Virginia was a seller I did a deal with. I brought her on, took on her property, and we closed with a great tenant buyer in four weeks. She has since become an acolyte, and her greatest selling point to anybody she talks to is, “I signed up with them as a seller — they’re great! They did such a magnificent job for me that I decided to join the company.”
I can’t think of a better proof statement, and she’s going to be dynamite, as are the others. Their intent is to leave their job by the end of this year, and I’m going to get them there. We’re going to have a great little organization, and as I mentioned before, I expect to be doing anywhere from 24 to 30 deals a year. That should get us close to $3 million a year by the end of 2020.
(Note: Bill was correct! He is now earning around $3 million per year from his terms business. Just goes to show what you can do if you're persistent, laser-focused, and you have the right community behind you.)
A Constant Student
I’ve really become a fan of Bob Proctor, largely because of the influence of Chris’s son-in-law Zach, who’s a big follower. I’ve enrolled in one of his online courses, which I’m going through right now. I read his books constantly. I listen to his books in the car, driving to appointments. A lot of what he teaches is a synthesis of — and very much based on — Napoleon Hill’s Think and Grow Rich, which I also read. I continue to go back and read them; I try to read one chapter a day.
I also like Joe Vitale, and was excited to meet him at the QLS Live event this year; amazing. I love Grant Cardone’s energy, and I know Chris has him coming up soon as a guest on his podcast. I get daily videos from Darren Hardy.
The point is… I’m a constant student. I’m a constant learner. I think when you stop learning, you’re dead.
I’m a big fan of John Martinez’s online course, and attended his bootcamp in San Diego. I’m enrolled in an Airbnb course, since Chris and I are both involved in Airbnb now by way of one of our properties. I’m really excited to be launching that in the DC area. As a High 6 Associate, I speak with Chris almost daily, and that’s really kept me tuned in and focused.
I think when you look at it from this lens, it all becomes simple. Soak up all the knowledge you can (immerse yourself, as Chris would say), stay focused, and commit to this niche for 3 years — you will be successful. It's a proven system.
Forgive me if I’m saying what Chris always says and it seems repetitive, but I learned a big lesson the hard way. I might have gone in a very different direction if I hadn’t listened to myself for 20 or 30 years. It would be much better if I could look back that far and say, “Thank goodness I made the decision to get a mentor.”
For many years — basically my whole career — I felt I could do it on my own: “I’m clever, I’m creative, I’m smarter than most people,” and on and on. I managed to get myself into some very sticky messes and I made a lot of mistakes. But if you’re working with the right mentor, you can avoid a lot of those mistakes. You ride on their coattails, you learn from their mistakes. So get involved with somebody who’s doing just what you want to be doing, and don’t let go of that person.
If you’re letting fear stop you, get over it, get past it, get through it. There’s too much of life that you could have, and that you’re not having because fear is stopping you. We get caught up in what’s safe, we want to operate within our comfort zones all the time, but that’s just going to keep you mediocre. You’ve got to try something new. You’ve got to be willing to make that leap and do it.