Latest / Results Driven / Episode 177: The 15-Minute Meeting That Keeps Deals From Falling Apart

Transcript

Episode 177: The 15-Minute Meeting That Keeps Deals From Falling Apart · Results Driven

• 0:00
  SPEAKER_01: These meetings are very, very critical to make sure everyone's on the same page, moving towards the finish line and getting this deal closed.
• 0:06
  SPEAKER_01: Guys, a daily huddle is only one piece of keeping your deals from falling apart.
• 0:10
  SPEAKER_01: Your team needs clear roles, they need accountability, they need systems that make sure that every single lead, every contract, and every transaction keeps moving forward.
• 0:23
  SPEAKER_00: Are you a driven real estate investor tired of inconsistent deal flow and ready to scale your business?
• 0:29
  SPEAKER_00: I'm Tiffany High.
• 0:30
  SPEAKER_01: And I'm Josh High.
• 0:31
  SPEAKER_00: And this is the Results Driven Podcast, where we share proven strategies to build systems, master sales, grow your team, and create a self-sustaining business with predictable income.
• 0:42
  SPEAKER_00: Whether you're a one-person operation or building a team, our mission is to give you the tools, support, and mindset shifts you need to succeed.
• 0:51
  SPEAKER_00: Let's dive in.
• 1:01
  SPEAKER_01: You see, everybody assumes that someone else is handling it.
• 1:04
  SPEAKER_01: Today I'm going to break down exactly how our team solved this problem.
• 1:08
  SPEAKER_01: We started running what we call daily huddles.
• 1:11
  SPEAKER_01: This helps us make sure that we're productive, that problems get caught, that action items get assigned, and that deals keep moving forward.
• 1:18
  SPEAKER_01: Now let's talk about this daily huddle.
• 1:20
  SPEAKER_01: Daily huddles are important.
• 1:21
  SPEAKER_01: And you know what?
• 1:22
  SPEAKER_01: Funny story, actually, that I had already seen the power of these daily huddles within our very own business.
• 1:28
  SPEAKER_01: But I didn't understand that big corporate leverages the same structure, which makes sense.
• 1:32
  SPEAKER_01: If we want to build a real business, we should probably follow the same type of structure that real businesses have.
• 1:39
  SPEAKER_01: Places like Kroger, a grocery store that's really big in our market.
• 1:43
  SPEAKER_01: I know they're not nationwide because I know down south, for example, they have publics.
• 1:46
  SPEAKER_01: Um, but they're similar to, I would say, like a Publix.
• 1:49
  SPEAKER_01: If you're watching this and you're from down south, hopefully you can resonate with that.
• 1:52
  SPEAKER_01: Also, when we had our youngest daughter, and while we were in the hospital, the nurse was helping us, and over her like microphone thing, the head nurse called in all the nurses to do their daily huddle at the nurse station.
• 2:05
  SPEAKER_01: And that was when the light bulb went off for me.
• 2:07
  SPEAKER_01: And I asked, I said, Oh, you guys do daily huddles?
• 2:09
  SPEAKER_01: And she goes, Yep, every single day.
• 2:10
  SPEAKER_01: And I said, Oh, that's interesting because we do the exact same thing in our business, and it makes sense.
• 2:15
  SPEAKER_01: So I saw Kroger doing the same thing one morning when I went in to go grab some groceries.
• 2:20
  SPEAKER_01: This was probably around eight o'clock in the morning one day.
• 2:22
  SPEAKER_01: Like in the produce circle section, the entire section was outlined with a circle of people.
• 2:28
  SPEAKER_01: And as I walked by, they were running their daily huddle.
• 2:31
  SPEAKER_01: So, what does this look like in our real estate investing business?
• 2:34
  SPEAKER_01: Well, today I'm going to talk about our transactions daily huddle specifically.
• 2:37
  SPEAKER_01: Every single day we meet at 9 a.m.
• 2:40
  SPEAKER_01: It's myself.
• 2:41
  SPEAKER_01: I'm the COO, our sales manager who oversees acquisitions and dispositions, our disposition specialist who's selling the deals, and our transaction coordinator.
• 2:49
  SPEAKER_01: If you have a project manager, I would make sure that they're a part of that as well.
• 2:52
  SPEAKER_01: Now, the agenda for this is everyone starts with opening up with something that they're grateful for.
• 2:58
  SPEAKER_01: Guys, this is a culture-building thing.
• 2:59
  SPEAKER_01: It's a great way to bring positive energy into the meeting space, and it's something that's really set us apart from cultural perspective.
• 3:05
  SPEAKER_01: When we have people in our interview process come in and they shadow our team and they see that every single morning we start with a moment of gratitude, they're like, wow, I've never seen this anywhere.
• 3:12
  SPEAKER_01: So that's something that can separate us from the next company whenever someone's looking at interviewing with you.
• 3:17
  SPEAKER_01: It's also something that our team loves.
• 3:19
  SPEAKER_01: So we each go around, we share one thing, and this is quick.
• 3:21
  SPEAKER_01: This is not meant to be like a long, drawn-out conversation.
• 3:24
  SPEAKER_01: We want that first topic to be quick.
• 3:26
  SPEAKER_01: Hey, today I'm grateful.
• 3:27
  SPEAKER_01: I mean, I had great company over the weekend and had a lot of fun, got to get out on the boat.
• 3:32
  SPEAKER_01: Boom, on to the next.
• 3:33
  SPEAKER_01: Now, after that, we go over any new deals.
• 3:35
  SPEAKER_01: Okay, so remember we meet every single day.
• 3:38
  SPEAKER_01: On Mondays, we review any new deals from Friday, Saturday, or Sunday.
• 3:42
  SPEAKER_01: Now, on Tuesday, we review new deals from Monday.
• 3:45
  SPEAKER_01: On Wednesday, we review new deals from Tuesday, so on and so forth.
• 3:49
  SPEAKER_01: What we do when we talk about those new deals is we talk about what's our planned exit strategy, who needs to get into this property, is it our contractor and our inspector, or is it just the inspector because it's only a wholesale opportunity?
• 4:00
  SPEAKER_01: Maybe it's a deal that's a unique situation.
• 4:02
  SPEAKER_01: We already walked it, we've already got a scope of work and a quote from our contractor, we already got an inspection, so we don't need to do that.
• 4:08
  SPEAKER_01: We'll also talk through how we plan on funding this thing if we've already walked it.
• 4:12
  SPEAKER_01: If we haven't walked it, we're going to save that for our final underwriting stage.
• 4:15
  SPEAKER_01: So we'll talk about new deals and then we'll go over transaction updates.
• 4:19
  SPEAKER_01: That's the third item, transaction updates.
• 4:21
  SPEAKER_01: When it comes to transaction updates, on Mondays, we review every single deal in the queue.
• 4:27
  SPEAKER_01: We just give an update on every single line item.
• 4:28
  SPEAKER_01: And it can be something as simple as this.
• 4:30
  SPEAKER_01: If there's not much to talk about, you know, for example, we have several deals right now that are going through probate, they have to file their inventory.
• 4:36
  SPEAKER_01: So the note could just be waiting for the inventory hearing, it's scheduled for the state.
• 4:40
  SPEAKER_01: Boom, onto the next.
• 4:41
  SPEAKER_01: But if it's something that like needs a decision or a deadline's coming up, or there's an issue with title, it's going to be a longer conversation because you're going to describe it, you're going to problem solve it, and then you're going to assign a task to someone to take that next step.
• 4:54
  SPEAKER_01: Now, on Tuesdays, Wednesdays, Thursdays, Fridays, we only go over the transaction updates that are required.
• 4:59
  SPEAKER_01: So what does that look like?
• 5:00
  SPEAKER_01: If there's an inspection deadline coming up, or we just got an inspection back and we have quotes back and it has to go through final underwriting, that would be scheduled for that specific day.
• 5:08
  SPEAKER_01: If there's an inspection deadline and we need a final decision, you know, a few days before that, every single day, we're going to be asking Dispo, hey, where are we at?
• 5:15
  SPEAKER_01: Where are our offers?
• 5:15
  SPEAKER_01: Do we need to get into the property?
• 5:16
  SPEAKER_01: Do we need to schedule a walkthrough?
• 5:18
  SPEAKER_01: Is it site unseen?
• 5:19
  SPEAKER_01: Right.
• 5:20
  SPEAKER_01: And we might even evaluate all of our deals there and say, okay, cool, let's move forward with this person.
• 5:24
  SPEAKER_01: Some other things that might pop up is again, if there's if there's a hearing for whether it's a foreclosure situation and we're going through a redemption, or maybe someone's going through the probate process, and you know, we had an expected deadline for this to be completed, I don't know, Friday this week.
• 5:40
  SPEAKER_01: So come Wednesday, any updates, like the transaction coordinator would place this and say, Hey, I'm going to reach out to the probate attorney, see if everything's still in course for this to be done on Friday.
• 5:48
  SPEAKER_01: Thursday, if there's any updates from that conversation, she would then place that follow-up date on that day so we can then have that discussion.
• 5:55
  SPEAKER_01: And she fills everybody in on what she learned from that.
• 5:58
  SPEAKER_01: So if there was ever any like feedback from a task that would be discussed in that meeting, or if there's a task required to help us get to the next step and getting one step closer to closing that deal, that is also brought up at that point in time.
• 6:10
  SPEAKER_01: We're then gonna go over disposition updates.
• 6:12
  SPEAKER_01: Okay, so dispositions coordinator or the disposition specialist is gonna run through their deals and say, these are the ones that we're marketing, here's what has to happen.
• 6:20
  SPEAKER_01: Or if there's a buyer that's asking questions about a deal that's already assigned, that's also coming up at that point in time as well, if it wasn't already discussed from the day prior.
• 6:27
  SPEAKER_01: And then so after that, we go over rehab updates.
• 6:30
  SPEAKER_01: So we're gonna look at all of our rehabs and we're gonna say, all right, where are we in the stage with this?
• 6:33
  SPEAKER_01: Is there a punch list coming up?
• 6:34
  SPEAKER_01: Is it listed?
• 6:36
  SPEAKER_01: Maybe we uh we just accepted an offer on a listed rehab.
• 6:40
  SPEAKER_01: So uh so now we're that's gonna go back into the transaction queue and they're gonna start to work that in order to go contract to close on that, and we obviously get paid in that situation.
• 6:47
  SPEAKER_01: And then after that, every single person goes over their priorities for the day.
• 6:51
  SPEAKER_01: So we're gonna hit top three.
• 6:53
  SPEAKER_01: If there's more than that, we're gonna explain, okay, this is priority number one, priority number two, three, four, or even five.
• 6:58
  SPEAKER_01: Now, at this point, we leave that meeting, everybody knows what their tasks are, everybody's in alignment, and no one is assuming this person's gonna be taking care of it or that person gets to take care of.
• 7:06
  SPEAKER_01: Because when you do that, that's when the ball gets dropped.
• 7:08
  SPEAKER_01: And when you drop the ball, unfortunately, deals end up dying.
• 7:10
  SPEAKER_01: So these meetings are very, very critical to make sure everyone's on the same page, moving towards the finish line and getting this deal closed.
• 7:17
  SPEAKER_01: Guys, the daily huddle is only one piece of keeping your deals from falling apart.
• 7:21
  SPEAKER_01: Your team needs clear roles, they need accountability, they need systems that make sure that every single lead, every contract, and every transaction keeps moving forward.
• 7:29
  SPEAKER_01: If you want to learn how we manage our leads, track our KPIs, train our sales team, run our transactions and build the systems behind the entire business, come join our free school community.
• 7:39
  SPEAKER_01: Tiffany and I are in there every single week answering questions, and we're sharing the exact systems and processes that we use in our very own real estate investing business that we are actively participating in today.
• 7:48
  SPEAKER_01: It's completely free.
• 7:50
  SPEAKER_01: The link is in the description.
• 7:51
  SPEAKER_01: We'll see you inside.
• 7:52
  SPEAKER_00: If this hits home and you know you need to go deeper, I want you to download the free resource that I recently just built.
• 7:59
  SPEAKER_00: It's at www.rdebook.com.
• 8:02
  SPEAKER_00: Again, that's www.rdebook.com.
• 8:06
  SPEAKER_00: It's called 26 Mistakes I Made as a Real Estate Investor.
• 8:10
  SPEAKER_00: You'll get the playbooks, the stories, and the breakdowns so that you can shortcut all the mistakes I made while building this multiple seven-figure real estate business and start doing deals way smarter than I ever did sooner and faster.
• 8:22
  SPEAKER_00: And hey, if you got value today, it would mean a lot to me.
• 8:25
  SPEAKER_00: It actually would mean the world to me.
• 8:27
  SPEAKER_00: If you left a five-star review on Apple or Spotify and left me a review and share with a friend who you think is stuck doing it all themselves right now.
• 8:36
  SPEAKER_00: Because one shift in strategy could be six figures or more.
• 8:41
  SPEAKER_00: Talk soon and see you on the next episode.
• 8:45
  SPEAKER_00: This episode has come to an end, but your journey continues.
• 8:49
  SPEAKER_00: Subscribe to the podcast so you never miss an episode.
• 8:52
  SPEAKER_00: If you want direct help from us, join our free community by visiting the results driven podcast.com.
• 8:58
  SPEAKER_00: That's the results driven podcast.com.
• 9:02
  SPEAKER_00: We'll see you next time on the results driven podcast.
• 9:05
  SPEAKER_01: We'll see you next time on the results driven podcast.