Episode 75
The 3 Laws to Building a Real Estate Business Worth Owning w/ Pat Hiban
One of the biggest issues agents face is over-commitment to the trade. Once you’re an entrepreneur, how can you cultivate and maintain business freedom? What can you do to stop yourself from being overworked and not spending enough time with your family? On this episode, I talk with Pat Hiban, host of the Real Estate Rockstars podcast and founder of the Hiban Group. We discuss what advice he would give to his own children— and everyone else—on building a career in real estate.
3 Things We Learned From This Episode
When you decide to go into real estate, make a conscious decision to start as a listing agent. This position allows you to have greater control over your deals, primarily because you’re not dealing with buyers. Starting slower and with less pressure from buyers will help you build up to another position, if you so choose.
Generate business without spending any money (11:22- 14:19)
By finding ways to generate leads without spending money, you’re giving yourself the power to decide when to do things. You don’t need to worry about losing anything when you haven’t spent anything in the first place. This means, rather than agonizing over chasing the leads you bought from Zillow, you can be present with your family after business hours.
Go into the business knowing your boundaries and accepting that you will lose some deals because of it. You need to be willing to sacrifice a certain number of deals in order to keep your hours appropriate for you and your family. If you’re not sure what the boundaries should be, ask your family what they would like. If your spouse or kids want you to be home on Saturdays and not making calls, that’s your parameter.
