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Episode 5
What you will learn from this episode:
3R's - Read, Resource, Reflect
Read:
Traction - Gino Wickman
Resource:
Real Estate Investing Groups on Facebook and other social media
Reflect:
"Definitely get a brand. It's the most basic thing you can do that can get you much farther." - Sarah Eder
"Persistence is key, it's a long-term game, eventually your reputation will hold credibility." - Chris Merry
Summary:
How do you stand out in a competitive market when you are new and just starting?
With not a huge track record under your belt it seems to be a challenge competing against other established real estate investing brands out there.
The biggest thing you can do at this point is build a brand of trust, work in small communities -- one little thing can set the whole thing on fire.
Sarah Eder is originally from the small northern city of Sault Ste. Marie, Ontario. She brings caring, small-town values to her business. After retiring from a successful professional athletic career, Sarah decided to focus on her second passion; providing affordable, clean rental units in Ontario and renovating houses to bring them back to their former glory.
She has built a real estate portfolio consisting of multi-family properties, student rentals, commercial and land developments. Her love of renovating has revitalized over 100 properties in the Golden Horseshoe and Niagara Region. Working with local municipalities she looks to bring affordable housing to those in need, putting the needs of those in the community first.
Chris Merry hails from Trinidad & Tobago, Chris grew up in an entrepreneurial household and quickly set out to build a real estate business.
She has worked on over 50 renovation projects with some creative apartment and office solutions as well as land and single-family home developments.
After moving to Canada she now brings that expertise and creativity to Southern Ontario and has fallen in love with the Niagara Region.
In this episode, Sarah and Chris talk about what each of them bring to the table as they band together for a partnership in real estate investing. As a new brand looking to establish themselves they share with us tips on how to stand out from the crowd even with everyone else doing the same thing.
They made it clear how they approach the business with a long-term perspective. They couldn’t stress enough the importance of leveraging connections and networks as you can’t succeed without them. They let us in on some of the marketing strategies they employ to gain traction in their real estate investing business.
More than anything, they double down on the importance of persistence and consistency as it is never an overnight success. And for people just starting out not to forget building a brand as reputation is everything in establishing your credibility when it comes to money partners and finding deals.
Topics Covered:
01:52 - How Sarah and Chris joined together to start a real estate investing business
02:50 - Teaming up with each other bringing with them their own sets of skills and experience
04:14 - Standing out from the crowd and doing things differently
05:26 - How they set themselves apart from others who are also into real estate wholesaling
06:59 - What the whole concept of Yellow Door is about
08:44 - A marketing strategy they employ
09:57 - Yellow Doors' long-term plan
10:30 - Becoming a brand of trust
11:13 - What new real estate investors need to focus on
11:59 - It is a long term game not a short-term, overnight success
12:46 - Talking about the importance of persistence and consistency in marketing strategy
14:44 - Leveraging connections within your network to be successful
15:56 - What's with these great brands that are Sarah and Chris' favorites?
18:35 - Sarah's recommended book on streamlining business operations: Traction by Gino Wickman
19:39- What podcast Chris is listening to: The Mindset Mentor podcast with Rob Dial
20:39 - The different avenues you can get resources from and network with
22:23 - An interesting thing to look at Canada's real estate investing groups in terms of the support you get from fellow real estate investors.
23:44 - Chris' thoughts on helping and sharing even in a competitive market
25:11 - Sarah and Chris’ best advice
Key Takeaways:
"I really think, what new investors need to focus on, you don't have a huge track record, you have trust, you have a reputation, that's really the only thing you can really go on." - Sarah Eder
"We're trying to not reinvent the wheel, we use a lot of the same principles, but we're trying to think outside the box when you're in such a hot market, like we're in right now." - Sarah Eder
"Persistence is key, it's one of those things with any marketing strategy, you can't guarantee what campaigns are going to be the most effective, or when you're going to get a deal that month, that day, it does come down to the right place, right time." - Sarah Eder
"Just being consistent. If you try a few things, it doesn't work, and then you give up, you're never going to see success. You have to just keep going at it, just focus in on the best strategies and not give up." - Sarah Eder
"For anyone going into this, a huge focus and a huge priority in the beginning is, create that network, that power team. It's such an overused term. But it's so true. Without that power team, you can't succeed." - Sarah Eder
"Definitely do not come into this game thinking that it's going to be an overnight success. We have heard a few cases where some people have been lucky, but it is a long-term thing." - Chris Merry
"I just love a simple clean logo and brand that is just able to stand out like Nike, a simple little checkmark, but everybody knows it. And I think that’s what we like about Yellow Door is that it's a name to remember. I think color has quite a bit of remembrance as well, with branding." - Chris Merry
"Don't be afraid to take the risks and step outside of the box and do things differently.Research, research, research, and you will find the little golden nuggets that may put you a little bit ahead of the game in some aspects." - Chris Merry
Additional Resources:
Listen:
The Mindset Mentor podcast with Rob Dial
Connect with Sarah Eder and Chris Merry:
Connect with Paul Copcutt:
Music: Thank you to Zoax for the intro music
