as a syndicator, you are likely the main (or only) source of content. You are writing, editing, and posting the blogs. You are planning and hosting the meetups and conferences. You are scheduling guests, recording, editing, and posting the podcasts. You are the owner of one or more social media accounts. However, as your brand begins to grow, it can become a full-time endeavor. Even - tually, you will get to the point where the time spent on maintaining and growing your brand is taking away from your focus on the real estate business. Either the brand suffers, or the business suffers. OUR SOLUTION: Transition your thought leadership platform to other people once it matures. This is more than just outsourcing editing. This means having people who create the content, as well as an editorial director to manage all the moving pieces. They will focus on growing your brand, so you can focus on growing your real estate investing business. 5 OVERCOME THE SUCCESS PARADOX. Feedback from others is one of the best ways to improve and become a better real estate entrepreneur. However, the more successful you become in business, the less likely you will receive constructive criti- cism from your team members. OUR SOLUTION: Ask three people in your circle to provide you with honest feedback. Also, identify an event that occurred at least a month ago that didn’t go according to plan and think about how you were responsible for it taking place. Lastly, create a Google Form and ask your team members to provide you with anonymous feedback.
ed in a deal or expressed interest in investing. Once a deal is identified, the opportunity is presented to this list. While the syndicators secure commitments, they work with their attorneys to create the deal docu- ments and form the entities. After the deal is purchased, the search for a new deal begins. There are a few drawbacks when it comes to scaling a business by raising money for one deal at a time. First, it limits your deal flow, because you are usually hyper-fo- cused on a unique asset class in a single market. Second, it is riskier for passive investors, because their entire investment is used to fund a single opportunity. Lastly, there is more pressure on you, because of the race to raise all the money between contract and close. OUR SOLUTION: Create a fund instead of doing single asset purchases. Creating a fund will increase your deal flow because you can be more flexible with the types of assets you target. It generates better and less risky returns because funds are spread across multiple deals and markets and less capital sits idle. And it creates more sanity for you because the money is committed before a deal is identified. 4 GET BETTER RESULTS ON YOUR THOUGHT LEADERSHIP PLATFORM AND IN YOUR COMMERCIAL REAL ESTATE BUSINESS. Something we focus on a lot at the Best Ever brand is the importance of a thought leadership platform. It is one of the best ways to build a repu- tation as an expert in your industry, which increases your credibility and ability to attract passive investors. When you are first starting out
THE $5 BILLION BUSINESS IDEAS
NO. 1 Reduce your liability by hiring an in-house compliance person. NO. 2 Set clear expectations and provide motivation for your team members with individualized KPIs.
NO. 3 Create a fund.
NO. 4 Focus on your investing business and hire others to maintain and grow your thought leadership platform. NO. 5 Find three trusted colleagues to provide you feedback, analyze past events, and ask for anonymous feedback from team members. If you want to create a massive real estate investing company, you will need to implement these ideas in your business. Start with the idea that will have the biggest impact on your busi- ness and then go from there. •
Joe Fairless is the Co-founder of Ashcroft Capital which has over $1B in assets under management. Joe created the podcast, Best Real Estate
Investing Advice Ever Show, which is the longest- running daily real estate podcast in the world and generates over 500,000 monthly downloads. He is also a proud Member of the Texas Tech Alumni Advisor Board for the College of Media and Communication, as well as being recognized as Outstanding Alumni at Texas Tech University, where he is a former Adjunct Professor. He is currently a Junior Achievement Board Member and Volunteer for the Cincinnati chapter and has been recognized by the Junior Achievement’s Free Enterprise Society. Joe volunteers at Crossroads Hospice and was recognized as Multifamily Investor of the Year by Think Realty Magazine.
COMMERC IAL REV I EW : : 7
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