Latest / Results Driven / Episode 186: Stop Paying $30,000 to Network When Your Business Is Still Broken

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Episode 186: Stop Paying $30,000 to Network When Your Business Is Still Broken · Results Driven

• 0:00
  SPEAKER_00: If you're like a one, two, three man show, again, my personal opinion, you have no place to be in a mastermind.
• 0:05
  SPEAKER_00: Because right now, my guess is if you only have one or two people on your team, you're still wearing a lot of hats.
• 0:12
  SPEAKER_00: So my guess is when you go to that mastermind, you're still taking phone calls with sellers or you're stepping out nonstop.
• 0:18
  SPEAKER_00: That's also a good understanding of if I go to this mastermind for three days, will I be taking calls?
• 0:24
  SPEAKER_00: Right?
• 0:24
  SPEAKER_00: Because I can go to a mastermind and turn my phone off for three days and the company still operates without me.
• 0:28
  SPEAKER_00: That's how I know I was ready for a mastermind.
• 0:36
  SPEAKER_00: Are you a driven real estate investor tired of inconsistent deal flow and ready to scale your business?
• 0:42
  SPEAKER_00: I'm Tiffany High and I'm Josh Hyde.
• 0:44
  SPEAKER_00: And this is the Results Driven Podcast, where we share proven strategies to build systems that master sales, grow your team, and create a self-sustaining business with predictable income.
• 0:56
  SPEAKER_00: Whether you're a one-person operation or building a team, our mission is to give you the tools, support, and mindset shift you need to succeed.
• 1:04
  SPEAKER_00: Let's dive in.
• 1:09
  SPEAKER_00: If you're trying to decide whether your next big investment should be a coach or a mastermind, this is for you.
• 1:15
  SPEAKER_00: We get the question all the time inside of our community.
• 1:18
  SPEAKER_00: Somebody will say, I'm looking at this$30,000 coaching program, I'm looking at this$30,000 mastermind, which one is better?
• 1:25
  SPEAKER_00: And that's the wrong question.
• 1:27
  SPEAKER_00: Because they're solving two completely different problems.
• 1:29
  SPEAKER_00: You could spend the next year inside of a really impressive mastermind, meet incredible people, fill a notebook up with ideas, hear what people doing$10,$20, maybe even$50 million are working on, and still come home to the exact same problems inside of your company.
• 1:45
  SPEAKER_00: Maybe your clothes are still inconsistent, you still don't know your KPIs, your CRMs a mess, your team depends on you, your marketing feels unpredictable.
• 1:53
  SPEAKER_00: Or you can make the opposite mistake.
• 1:56
  SPEAKER_00: You can pay for a very tactical coaching program when your business is already built, your leadership is in place, your systems are working like clockwork.
• 2:04
  SPEAKER_00: And what you actually need is access to bigger relationships, capital, partnerships, new markets, and people thinking at the same level as you.
• 2:12
  SPEAKER_00: So I want to break down the real difference between coaching and masterminds, what each one of them should actually be doing for you, and how I would determine, me personally, which one makes sense based on where your business is right now.
• 2:26
  SPEAKER_00: After being involved in well over a thousand real estate transactions and coaching over 10,000 investors nationwide, one thing I've seen over and over again is investors spending a lot of money on the wrong kind of help.
• 2:37
  SPEAKER_00: Not necessarily bad help, just help that does not match the problem they currently have.
• 2:42
  SPEAKER_00: And I understand why.
• 2:44
  SPEAKER_00: The bigger room feels exciting, being around people doing massive numbers can feel like progress.
• 2:50
  SPEAKER_00: Talking about acquisitions, partnerships, lending, private equity, expansion, all that is fun.
• 2:55
  SPEAKER_00: But if your company is still struggling to consistently generate and convert leads, hire and train people, understand your KPIs, manage performance, and operate without you, then that is where the work is.
• 3:08
  SPEAKER_00: So I want to make this really practical.
• 3:10
  SPEAKER_00: By the end of this video, you should be able to look at your own business and say, I need coaching or I need a mastermind.
• 3:15
  SPEAKER_00: Or honestly, I may eventually need both, but I know which problem I need to solve first.
• 3:20
  SPEAKER_00: All right, here is probably the easiest diagnostic test I can give you.
• 3:24
  SPEAKER_00: I'm gonna ask you a handful of questions.
• 3:26
  SPEAKER_00: And if you're saying no over and over again, personally, I would spend my next dollar fixing those things before I spend it solely on getting into another networking room.
• 3:36
  SPEAKER_00: So here we go.
• 3:38
  SPEAKER_00: Do you have predictable monthly deal flow?
• 3:41
  SPEAKER_00: Do you know the return on investment on all of your marketing channels?
• 3:44
  SPEAKER_00: Do you have KPIs for the major functions of the business?
• 3:48
  SPEAKER_00: Can you look at a scorecard and tell me where your revenue is maybe falling apart?
• 3:53
  SPEAKER_00: Do you have documented SOPs or is everything in your head?
• 3:57
  SPEAKER_00: If I told you tomorrow that you hired a new closer, do you already have their onboarding process built?
• 4:03
  SPEAKER_00: Videos, quizzes, assessments?
• 4:04
  SPEAKER_00: Do you have an actual training rhythm for them?
• 4:07
  SPEAKER_00: Are you auditing sales calls?
• 4:09
  SPEAKER_00: Does every employee understand exactly what they own and how their performance is measured?
• 4:14
  SPEAKER_00: Can you disappear for a meaningful period of time without the company slowly falling apart?
• 4:20
  SPEAKER_00: Do you have leaders who manage other people, or does everybody still report back to you?
• 4:25
  SPEAKER_00: If you are sitting there going, no, no, no, no, there's your answer.
• 4:30
  SPEAKER_00: You probably don't need 15 more ideas.
• 4:32
  SPEAKER_00: You need implementation.
• 4:34
  SPEAKER_00: Now I want to be fair.
• 4:36
  SPEAKER_00: Masterminds are awesome.
• 4:38
  SPEAKER_00: Okay.
• 4:39
  SPEAKER_00: I'm in a lot of masterminds.
• 4:41
  SPEAKER_00: I didn't get into masterminds until I spent a decade getting coaching, though.
• 4:44
  SPEAKER_00: And let's just assume you go into a room with 20 operators, and one talks about Facebook ads and how they're crushing it, another talks about expanding into a new market, then another one talks about a different lender they're using, another one's talking about a new offshore hiring company that they hired, and you leave with 15 pages of notes.
• 5:01
  SPEAKER_00: And then what happens is Monday arrives, your closers still aren't closing consistently, your CRM's broken, your numbers are still unknown, your KPIs are still missing.
• 5:11
  SPEAKER_00: And now you're just adding more complexity by bringing all of your 15 pages of notes back to the company that already doesn't have the fundamentals working.
• 5:19
  SPEAKER_00: So with that being said, let's talk about what good coaching should actually do.
• 5:24
  SPEAKER_00: Okay.
• 5:25
  SPEAKER_00: One is coaches are supposed to diagnose your problem.
• 5:29
  SPEAKER_00: Where are we and what is actually broken, right?
• 5:32
  SPEAKER_00: I'm a coach, so I have a whole diagnostic to how I approach people.
• 5:36
  SPEAKER_00: Direction, right?
• 5:37
  SPEAKER_00: What are we gonna do first based on auditing your company and finding your biggest constraints and then prioritizing them in an order that drives revenue and cleans up the infrastructure around the company?
• 5:49
  SPEAKER_00: So from there, after the audit, we go what's happening first, second, and third, so we can drive revenue to invest back into the company.
• 5:56
  SPEAKER_00: And then we're gonna look at all the systems around marketing, acquisitions, dispo, TC, hiring, onboarding, training, management, all of that, right?
• 6:02
  SPEAKER_00: It's all system based.
• 6:04
  SPEAKER_00: And if you, and this is just my personal opinion, if you're like a one, two, three-man show, again, my personal opinion, you have no place to be in a mastermind because right now, my guess is if you only have one or two people on your team, you're still wearing a lot of hats.
• 6:19
  SPEAKER_00: So my guess is when you go to that mastermind, you're still taking phone calls with sellers or you're stepping out nonstop.
• 6:26
  SPEAKER_00: That's also a good understanding of if I go to this mastermind for three days, will I be taking calls?
• 6:31
  SPEAKER_00: Right.
• 6:32
  SPEAKER_00: Because I can go to a mastermind and turn my phone off for three days and the company still operates without me.
• 6:36
  SPEAKER_00: That's how I know I was ready for a mastermind.
• 6:38
  SPEAKER_00: Because then I was at a position where I had people running the company.
• 6:42
  SPEAKER_00: Now my job as a CEO is to build relationships, bring new money, cheaper money to the company, review expanding markets, new tech tools, all that kind of stuff, because I'm in a position now where I can focus on expanding.
• 6:54
  SPEAKER_00: What I see a lot of people doing is I'll go into a mastermind, I'll be sitting at a table and I'll talk about their conversion rates or metrics.
• 7:03
  SPEAKER_00: And they'll be like, I don't even track my numbers on a scorecard every day.
• 7:06
  SPEAKER_00: I don't know all of my KPIs.
• 7:08
  SPEAKER_00: And if I am tracking, they don't understand how to interpret them.
• 7:11
  SPEAKER_00: So let's just say you're tracking KPIs and I'll be like, hey, how's your conversion rate's been?
• 7:15
  SPEAKER_00: What do you think has impacted them?
• 7:16
  SPEAKER_00: Da-da-da.
• 7:17
  SPEAKER_00: They can't answer it.
• 7:18
  SPEAKER_00: That means they don't have a grasp on what's happening in the business, which tells me they don't know what's performing and what's not.
• 7:24
  SPEAKER_00: And so they're probably just wasting money all throughout their company.
• 7:27
  SPEAKER_00: And a good coach with one business audit on a call should be able to break down your company and say, Oh, wow, here's all the gaps that are holding you back from driving consistent revenue.
• 7:38
  SPEAKER_00: Keyword consistent, right?
• 7:39
  SPEAKER_00: We can all do deals, but doing it consistently is a different play there.
• 7:43
  SPEAKER_00: All right, so I have what I call a one-page cheat sheet.
• 7:47
  SPEAKER_00: And whenever someone comes to me and they're like, coaching your mastermind.
• 7:50
  SPEAKER_00: So I'm just gonna keep this short and simple.
• 7:52
  SPEAKER_00: You need coaching if, and I'm happy to put this in the community for you guys, you can go grab it.
• 7:58
  SPEAKER_00: You need coaching if your deal flow is inconsistent.
• 8:02
  SPEAKER_00: Do you struggle understanding what your marketing metrics are telling you?
• 8:06
  SPEAKER_00: So, for example, let's say you're running two or three marketing channels, and I'll be like, hey, why are you spending what you're spending on those three channels?
• 8:13
  SPEAKER_00: Walk me through your decision-making process.
• 8:15
  SPEAKER_00: If you can't answer that and tell me, well, the data told me X, Y, Z, this is why I'm doing what, this is why I'm cutting here, doubling down here, you need coached.
• 8:23
  SPEAKER_00: Okay.
• 8:24
  SPEAKER_00: Are KPIs missing or inconsistently tracked?
• 8:27
  SPEAKER_00: I would say lately, more than ever, actually, 70 to 80% of people on trainings have been telling me that they're not tracking their metrics every single day.
• 8:37
  SPEAKER_00: A closer, whether you're the closer or someone else, should have a scorecard, tracking your metrics every single day.
• 8:43
  SPEAKER_00: If you're not 150% guaranteed, deals are falling through the cracks in your already CRM.
• 8:50
  SPEAKER_00: And you don't know where because you're not tracking it.
• 8:53
  SPEAKER_00: No mastermind is gonna fix that for you.
• 8:55
  SPEAKER_00: You need a coach to come and identify that problem, show you how to fix it, and then hold you accountable to doing it and making it a habit.
• 9:02
  SPEAKER_00: Are your SOPs incomplete?
• 9:04
  SPEAKER_00: Standard operating procedures.
• 9:05
  SPEAKER_00: Does everything live up here still in the company?
• 9:07
  SPEAKER_00: Because if so, let's spend three days mapping out your SOPs instead of having fun having drinks at a mastermind.
• 9:13
  SPEAKER_00: Is hiring reactive?
• 9:15
  SPEAKER_00: Or are you even afraid to hire?
• 9:16
  SPEAKER_00: Do you even have anyone hired?
• 9:17
  SPEAKER_00: Have you hired and they didn't work?
• 9:19
  SPEAKER_00: You can't have time freedom without hiring.
• 9:21
  SPEAKER_00: And a lot of people say, I don't want a team.
• 9:23
  SPEAKER_00: You don't need a big team to do millions of dollars.
• 9:25
  SPEAKER_00: But at the end of the day, you never get time freedom without leveraging systems, processes, and people.
• 9:31
  SPEAKER_00: Is onboarding trivial knowledge, right?
• 9:34
  SPEAKER_00: Like, so if you bring someone into the company, do they have onboarding?
• 9:37
  SPEAKER_00: Do they have a manual?
• 9:38
  SPEAKER_00: Do they have videos, assessments, checklists?
• 9:42
  SPEAKER_00: Like, or is it all in your head and then they follow you and shadow you and like you role play with them?
• 9:47
  SPEAKER_00: Because that's not effective long term.
• 9:49
  SPEAKER_00: Does sales training happen randomly or daily?
• 9:53
  SPEAKER_00: Guys, sales is a sport.
• 9:55
  SPEAKER_00: So if you're not training your acquisitions closers every single day, it is natural that they will fall off the process.
• 10:01
  SPEAKER_00: So then I would ask, you know, how do you feel as a sales trainer?
• 10:04
  SPEAKER_00: Were you a sales trainer before this?
• 10:06
  SPEAKER_00: Like what fundamentals are you following when you train them?
• 10:08
  SPEAKER_00: Guys, those are the types of things that are gonna drive revenue consistently.
• 10:12
  SPEAKER_00: Are your calls being audited?
• 10:14
  SPEAKER_00: Does your team need you to solve most of the problems?
• 10:17
  SPEAKER_00: Like, are you jumping on calls to close them?
• 10:19
  SPEAKER_00: Are you putting out fires with the title company?
• 10:21
  SPEAKER_00: Because if you're doing all this, you don't have a company yet.
• 10:24
  SPEAKER_00: Does everybody still report to you if you do have a team?
• 10:26
  SPEAKER_00: If you don't have a team, in my opinion, you're not ready for a mastermind, you need coach, right?
• 10:30
  SPEAKER_00: Because the first thing we gotta do is build the company.
• 10:32
  SPEAKER_00: And then a mastermind is where we go to network and expand from there.
• 10:36
  SPEAKER_00: Okay.
• 10:36
  SPEAKER_00: Now, if you came into this business with a lot of money and you can afford both, great, do both.
• 10:42
  SPEAKER_00: But if you're like, I have 30 grand, do I spend it here or here?
• 10:45
  SPEAKER_00: These are questions that if you're answering them, like, yeah, I don't have my SOPs, yeah, I don't track daily, yeah, I don't do daily training, yeah, I don't audit all my calls, yeah, I don't do this, then you need coaching, right?
• 10:55
  SPEAKER_00: So common questions that come out of someone's mouth when they want coaching.
• 10:59
  SPEAKER_00: How do I hire?
• 11:00
  SPEAKER_00: How am I gonna onboard them?
• 11:01
  SPEAKER_00: How do I train them?
• 11:02
  SPEAKER_00: How do I manage them?
• 11:02
  SPEAKER_00: How do I track my KPIs?
• 11:04
  SPEAKER_00: How do I fix my conversion rate?
• 11:06
  SPEAKER_00: How do I create more consistent deal flow so that every other month isn't feast or famine, where one month's up and two months are down?
• 11:12
  SPEAKER_00: How do I get myself out of the business so that my wife or husband doesn't bitch me out when I'm at dinner taking a sales call from a seller when I'm supposed to be a present parent, right?
• 11:21
  SPEAKER_00: So if you're ready for a mastermind, this means that your revenue is predictable, month to month.
• 11:28
  SPEAKER_00: Core systems already exist.
• 11:30
  SPEAKER_00: Your systems and processes are in place.
• 11:32
  SPEAKER_00: You might still be optimizing and improving them for the rest of time, but they're all in place.
• 11:36
  SPEAKER_00: Leadership is managing your departments, right?
• 11:39
  SPEAKER_00: So I would say in our line of business, the most important one first is your sales manager.
• 11:44
  SPEAKER_00: Because if you step out of the office for three or four days, who's managing sales?
• 11:49
  SPEAKER_00: And that's what drives revenue.
• 11:51
  SPEAKER_00: And one lost lead that should have been closed is probably worth 20 plus grand.
• 11:55
  SPEAKER_00: You are not personally solving daily operational problems.
• 11:58
  SPEAKER_00: Scorecards and KPIs are full functioning.
• 12:00
  SPEAKER_00: You're looking at data every day and making decisions on them.
• 12:03
  SPEAKER_00: The business can operate without your constant involvement.
• 12:07
  SPEAKER_00: You have the money and the resources to deploy at the drop of a dime.
• 12:10
  SPEAKER_00: When something's working, you can double down on it.
• 12:13
  SPEAKER_00: And your biggest opportunities come from like, I need to raise more private money, or I got this market on lockdown.
• 12:20
  SPEAKER_00: I might want to expand markets and get familiar with some contacts in other markets.
• 12:24
  SPEAKER_00: So I have runners or an agent there or another GC.
• 12:28
  SPEAKER_00: Guys, these are the types of reasons why I join a mastermind now.
• 12:31
  SPEAKER_00: I'll give you an example.
• 12:32
  SPEAKER_00: I was looking to expand markets about two years ago now.
• 12:37
  SPEAKER_00: A lot of people go way too wide too fast, and then their team never really gets to know any individual market.
• 12:42
  SPEAKER_00: So I'm totally against national wholesaling.
• 12:45
  SPEAKER_00: But when you are ready to expand a market, it's really important that you have the right team of contractors, agents, inspectors, all of that in that market.
• 12:54
  SPEAKER_00: So I went to a mastermind and I let everyone know, hey guys, this week at the mastermind, my goal is I'm looking between these three markets and I'm analyzing the markets.
• 13:03
  SPEAKER_00: I'm looking to build a team of people I know in those markets.
• 13:06
  SPEAKER_00: Who here is in these markets?
• 13:08
  SPEAKER_00: That way I could get an agent, a property manager, a GC, a broker, et cetera, in that market because they knew them already.
• 13:15
  SPEAKER_00: And I've been at a mastermind where I've started doubling down on my flips one year.
• 13:20
  SPEAKER_00: And so I got there and I said, hey, I'm looking to raise more private money.
• 13:23
  SPEAKER_00: So I let the room know everywhere I went, hey, anyone here that you know that is private lending?
• 13:29
  SPEAKER_00: Okay.
• 13:29
  SPEAKER_00: So I have a mission when I go to the mastermind.
• 13:32
  SPEAKER_00: So ultimately, masterminds are more for like relationships, proximity, expansion, um, new opportunities, JB, partnerships, et cetera.
• 13:42
  SPEAKER_00: So again, I want you to leverage this video by asking yourself the questions that we talked about.
• 13:48
  SPEAKER_00: Are you still needing to hire, track, and make sure that you're not doing everything in the business?
• 13:52
  SPEAKER_00: Because if so, that's coaching.
• 13:54
  SPEAKER_00: And guys on one call audit with us, like we can literally break down your business in 90 minutes and tell you whether you need a coach or a mastermind.
• 14:01
  SPEAKER_00: And by the way, I do both.
• 14:02
  SPEAKER_00: And then over here, if you're like, no, I just need to get access to more capital, I want to launch some new markets, et cetera, then yeah, maybe mastermind's ready.
• 14:09
  SPEAKER_00: And what I also recommend is that you have plenty of cash if you're gonna enter a mastermind.
• 14:15
  SPEAKER_00: Why?
• 14:15
  SPEAKER_00: Because it's not just the$30,000 you're gonna spend to even be a part of the mastermind, it's the$20,000 or$10,000 a trip that you're gonna spend on travel and eating and going out and all those fun things, hotels.
• 14:28
  SPEAKER_00: So it's never a$30 versus 30.
• 14:30
  SPEAKER_00: It's like$30 for coaching versus like$80 for the mastermind for the year.
• 14:35
  SPEAKER_00: Again, they both serve a purpose though.
• 14:37
  SPEAKER_00: So before you spend thousands of dollars on coaching or mastermind, get really clear about the problem you're trying to pay to solve.
• 14:44
  SPEAKER_00: And if you went through this video and realized my deal flow is not predictable, my onboarding is not built, my SOPs are not documented, I do not really know my KPIs, my team still depends on me, then personally I would fix the infrastructure first.
• 14:57
  SPEAKER_00: That is exactly the stage of investor we built results driven around.
• 15:02
  SPEAKER_00: And if you are not ready to make a big investment yet, start inside of our free results-driven REI community.
• 15:07
  SPEAKER_00: Josh and I go live every week and break down the systems and processes that we actually use to build and operate our real estate business.
• 15:15
  SPEAKER_00: It will give you a much clearer picture of what needs to be fixed, what your next constraint actually is, and what kind of support you really need before you make a major investment.
• 15:25
  SPEAKER_00: The community is completely free.
• 15:26
  SPEAKER_00: The link is in the description and I'll pin it to the comments.
• 15:29
  SPEAKER_00: Join us, I'll see you inside.
• 15:32
  SPEAKER_00: This episode has come to an end, but your journey continues.
• 15:36
  SPEAKER_00: Subscribe to the podcast so you never miss an episode.
• 15:39
  SPEAKER_00: If you want direct help from us, join our free community by visiting the results driven podcast dot com.
• 15:45
  SPEAKER_00: That's the results driven podcast.com.
• 15:49
  SPEAKER_00: We'll see you next time on the results driven podcast.
• 15:51
  SPEAKER_00: We'll see you next time on the results driven podcast.