Imagine doing dozens of deals every year with just a few clients.
Imagine repurposing all of the effort and resources of “finding your next client” into “serving a few really great clients.”
For real estate agents that understand how to attract, work with and retain a great real estate investor, this is their reality.
In this episode, we will hear what investors are looking for and how to be the only option for them.
We will also hear the story of Joshua Hatter who:
–Starting renting a 1BD condo in 2012 as part of a mass corporate Fortune 500 company layoff
–Has been playing monopoly in real life ever since, now owning actual Bed & Breakfast historic properties and moving toward boutique hotels
Background in Real Estate
If you want to position yourself to add value enough to earn dozens of deals from just a few key investors, this interview with Joshua Hatter out of Charleston, South Carolina is designed to bring you the answers to your questions. Josh exited a high-level corporate career to pursue investing in Real Estate, and has found success in particular asset classes. His answers on the following topics offer you the insight to serve investors as a niche in your Real Estate portfolio.
Real Estate prices are beginning to flatten across the market, and investors in general appear to be gearing up to dive back in as prices become less inflated and can offer greater revenue. In Josh’s opinion “If interest rates doubling over the last 12 months make your deal a bad deal, then it was probably a bad deal to begin with.” He helps us narrow in on the mindset of a seasoned investor, the kind you will be able to earn repeat business from if you learn how to serve them properly.
For Josh, he is exiting the Short Term Rental asset class and believes they may not be the best investment for the current climate (as of Q1 2023). He is turning to Bed and Breakfasts and boutique hotels for his market and has found them to be a worthy asset.
What does this mean for you?
You’ve heard us say it before, we’ll say it again: “The riches are in the niches”. Your best service to investors in your market will be to narrow down to one asset class to serve in and become the obvious expert. Someone who tries to serve investors from all asset classes candidly terrifies investors from Josh’s perspective, as a Jack of all trades, master of none”.
Viable asset classes are hyperlocal; for Charleston historical B&B’s and boutique hotels are a good long-term investment for reasons we’ll outline a little later. You’ll need to do the research to determine an asset class that is strong for your area.
Where do you learn?
Who, not how
Find the Real Estate expert who is championing the asset class you are interested in learning more about. Reach out, hungry and ready to learn from them. You will probably get a “no”, but even if you never find the “yes”, the knowledge you gain from pursuing niche-experts will be highly valuable for you to give away in evaluating an investment-worthy portfolio.
Be mindful of letting a lack of confidence, or conversely an inflated ego, get in the way of learning from the experts that have the results you want. You will find abundant-minded people to run and grow with!
What do investors look for in a Real Estate Agent?
- Good Returns: Find the asset class or the platform that works, not the one that looks most popular
- It’s attractive to an investor to have a solid network of A-player partners to get the whole deal accomplished.
- Commitment to one asset class: you can offer a trustworthy analysis
- Add Value: treat all areas of your business with a mindset to adding value
- When a significant amount of your own net worth is also tied up in the asset class, there is value in your experience. You will be able to offer perspective ahead of those without this experience.
B&B and Boutique Hotel vs. Short-Term Rentals
Why is Josh moving from Short-Term Rentals and into purchasing established Bed and Breakfasts and Boutique Hotels?
- Higher up the “value-chain”
- A short term rental has limitations on how it can be divided but with a B&B or Boutique hotel, you can rent out one bedroom at a time and create a greater return with less liability
- Owners have built great relationships with guests, but are not tech forward and often haven’t made renovations to the home – this is where we add value with our partnership to modernize amenities while preserving their historic charm
- It can be labor-intensive and more hands-on. This seems to weed out the competition! There is significance beyond the transaction in this asset class.
Josh and his partners are expanding this opportunity into the South (i.e. Savannah, GA), and may have an opportunity to connect with you! If this topic piques your interest and you’d like to learn more, schedule a conversation with me and feel free to reach out to Josh at the link below. We’re here to help you THINK and SERVE bigger!
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