How To Negotiate Real Estate Like A Pro
How To Negotiate Real Estate Like A Pro
How can business owners shift from trading time for money to time freedom?
I came to the conclusion that my job was trading time for money. I did that for a few years, trying to climb the corporate ladder. But soon I began questioning if this was the lifestyle I wanted for the next 40, 50, or 60 years. I have two kids growing up who need more of my attention, and I wanted to spend time with them. Yet, the more I worked to provide for them, the busier I became. It felt like a vicious cycle.
So, I stopped everything and took time to reflect. I asked myself why I chose this path in the first place. Why did I become a lawyer? I realized I had three key reasons. First, I wanted to prove to myself that I could become a better version of myself every day. Second, to achieve time freedom—freedom of time, place, and choice—so I could create a legacy for my family. Third, I want to make a positive impact on the people around me.
After reflecting, I realized my current lifestyle wouldn’t allow me to achieve these goals. That’s when I began exploring other options and stumbled upon Robert Kiyosaki’s Rich Dad Poor Dad. It hit me hard—I needed to shift from being an employee or self-employed to becoming a business owner and investor. That was the mindset shift I experienced about three years ago.
How can business owners delegate and automate to boost productivity?
I find this interesting because I recently started thinking about this myself. I realized I was wearing too many hats. At first, I tried to maximize my efficiency and thought I could handle it all, but I started dropping balls. It became clear I had too much on my plate. So, I took time to reflect on what I had and whether I wanted to handle these tasks long-term, delegate them, or automate them.
I began breaking down my tasks and responsibilities. Then, I looked into hiring virtual assistants and automating certain processes. This was necessary to transition from being a solo entrepreneur to running a system as a business owner. One of the hardest parts was giving up control over certain tasks. This is a challenge for many young entrepreneurs—they’re so passionate and eager to do everything themselves.
Often, entrepreneurs try to stay busy just to feel productive, thinking they’ve lived their day to the fullest. But there’s a difference between being busy and being productive. The key is to step back and assess whether you're truly being productive or just filling your day with tasks. Running a system can still be productive, even if you’re not doing everything yourself.
For those still in this stage, I encourage you to take a step back and reflect. I’ve struggled with this transition, but I’m making progress.
Why should business owners give virtual assistants decision-making authority?
A recent practical decision I made was to hire a virtual assistant (VA). In the past, my biggest challenge was giving up authority and deciding how much decision-making power to grant the VA. This was probably the hardest part. However, I ultimately decided to give my VA significant decision-making authority and let them handle tasks.
For the first month, I didn’t assign any work. Instead, I spent that time showing the VA how I operate. I had them observe how I handle projects and tasks so they could learn to take over. I called it a "probationary period," but it was more about them watching and learning from me.
By the second and third months, they began thinking the way I do. While they still bring the final product to me for review, it's been amazing to see how closely their decisions align with mine. I’m truly impressed with how well they've learned to produce results in the same way I would.
What should business owners do to properly assess deals and avoid mistakes?
One bad decision I made during my real estate journey happened about two or three months after I started taking it seriously. A potential partner I was networking with brought a deal for us to look at. The deal seemed great, and I was excited because, after just a few months, I was already close to sealing a deal. It all seemed to be happening quickly, but I was still in the process of educating myself.
I lacked the ability to fully analyze the deal and properly assess the seller. We went ahead, hired an attorney, and drafted the legal documents and purchase agreement. However, the seller took our agreement and shopped it around, eventually finding another buyer willing to pay more. They backed out of our verbal contract, leaving us with just the attorney fees.
It was a tough lesson, but it taught me the importance of education. You need to know what you're getting into, fully understand the process, and be able to read the situation, including the dynamics between buyers and sellers. In the end, it was a valuable learning experience.
What steps should business owners take to simplify decision-making and stay focused?
I often distill decision-making down to three basic principles. First, I ask, "How can I do this?" That’s the core question I apply to each task. Then, I break it down further.
Education: What knowledge do I need to tackle this task?
Networking: Who do I need to know or ask for further wisdom or to develop my skills?
Action: Finally, I ask, "What do I need to do?" and then I take action.
This simple process—asking how, identifying the knowledge and people I need, and then executing—guides me in decision-making.
Additionally, it's important to have a big, overarching vision or roadmap for where you’re going. I’m a big believer in setting a clear vision or goal first and then breaking it into smaller, actionable steps. Without clear criteria for your business, you can easily be distracted by shiny objects and get sidetracked.
*This interview has been edited and condensed for clarity.*
