Photo Credit: DailyInvention
A friend of mine is launching a nationwide franchise type business. He explained the whole thing to me two weeks ago. I loved the concept. My friend is a genuinely good guy, is making tons of money and it is all good but after he was done with his PowerPoint, I told him that he just had to fix one thing – he has to figure out a easier faster way – in less than a minute or so to explain his business to his possible clients. Right now it takes him 10 minutes. I got it. But I doubt a lot of people will have the other 9 minutes of patience.
When you are talking to people who might be interested in doing deals with you – deal partners or private lending – you have to sit and think how to explain all the complicated things that you know in very easy terms.
Obvious? Every sat through a presentation on how to use self directed IRA’s to buy real estate? Guaranteed to put you to sleep in less than five minutes. I find the topic fascinating. You probably do so. But you and I belong to a very small minority of real estate entrepreneurs who get all excited about doing a deal out of your self directed ROTH IRA and not needing to pay any taxes on the profits when we take the money out in our golden years.
We get excited. Most people we talk to get confused.
Problem is that it is the most people that we talk to are the ones we want to do business with.
Faces with things that they don’t understand – most people are too embarrassed to admit so. They take the easy way out. They say no.
You think that they are not interested in real estate investing or may be they don’t like you.
When you talk to people who might end up in business with you, work really hard to make it simplicious for them. Big words, complicated spreadsheets and your industry jargon (most people think rehabbing is for drug treatment and NOT for fixing houses) can come later.
