How to Grow a Business Relationship worth Millions (Part 1)

Take Calculated Risks

When I relocated in Arizona in 2001 I didn’t know a soul. Living in Philadelphia I felt like a fish out of water, so I decided to move. I was drawn to Arizona’s booming real estate market, booming real estate market, sunny climate, and exotic desert beauty.

Create some Buzz about Yourself and Your Business

Taking the plunge in starting up my real estate investing activities, I hosted a seminar at the Scottsdale Civic Center Library auditorium. I placed classified ads to attract salespersons who wanted to earn while they learn. Perhaps a dozen showed up. After my presentation where I shared my personal philosophy and company vision, I asked that those still interested meet with me. Several approached me.

Attract Qualified People to your Dream Team

One interested gentleman named Glenn seemed to stand head and shoulders above the rest in terms of his qualifications. He seemed overqualified. He ran several businesses including a bar and had plenty of financial resources. Glenn had a lot to bring to the table, so we decided to work together.

Looking at properties in foreclosure was our first order of the day. For a period of time I sent him hot leads and asked for him to knock on the door in an attempt to contact the seller and perhaps purchase their property.

Stay Open and Flexible to Evolving Responsibilities

This later evolved into his assisting me by doing legwork on properties. Properties I had purchased we would prepare the sales literature and signs, and he would drive out there and set up these materials.

Pay Your People Well and Keep Your Word

Over time, I had him sign on our behalf at real estate closings, when we were buying and selling properties. It is a common practice of savvy real estate investors to buy homes in a trust, for which it is necessary to appoint a trustee. Glenn would sign the paperwork to buy and sell a property as trustee for a reasonable trustee fee of approximately $50-75 per transaction.