Successful Practices for Results-Oriented Real Estate Business
On this episode of Next Level American Dream, Abigail and Sean are joined by Chris Prefontaine. Chris is the Founder and CEO of Smart Real Estate Coach and host of the Smart Real Estate Coach Podcast. Today, he walks Sean through his real estate coaching and the best practices his students find helpful for their individual businesses.
Key Topics
Smart Real Estate Coach strategies
Students' successes/struggles
Connect with Chris Prefontaine:
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SUMMARY KEYWORDS
people, deal, business, real estate, students, Sean, American Dream, niche, create, coach, commit, helped, stacking, free, expectations, experiences, podcast, Chris, probabilities, building
SPEAKERS
Sean Thomson, Abigail Thomson, Chris Prefontaine
Abigail Thomson 00:01
Welcome to the Next Level American Dream Podcast brought to you by Thomson Multifamily Group. Your hosts, Abigail and Sean, will discuss how you can take your American Dream to the next level through real estate investing, business practices, and personal development. Join us as we share our experiences as a father daughter duo who are trying to accomplish our goal of financial freedom. We hope you learn more about how to define and achieve your American Dream. Here's another episode of Next Level American Dream. Welcome to the Next Level American Dream Podcast. We have a wonderful guest for you today, but first, please make sure you have subscribed if you have not already. We also love getting your feedback through likes, comments, ratings, and reviews. Today, Sean sits down with Chris Prefontaine. Chris is the founder and CEO of Smart Real Estate Coach and host of the Smart Real Estate Coach Podcast. Today he walks Sean through his real estate coaching and the best practices his students find helpful for their individual businesses. If you found any value from today's episode, then please share it with a friend and help us grow. For more information on our sponsor, visit: www.thomsonmultifamilygroup.com to start taking your American Dream to the next level through passive investing.
Sean Thomson 01:17
Hi, Chris, how you doing? Thanks for being on the Next Level American Dream Podcast!
Chris Prefontaine 01:20
I'm great, Sean, thanks for having me!
Sean Thomson 01:21
Let's start by just telling people a little bit about your background and where you come from and what you have going on today.
Chris Prefontaine 01:27
I say that real estate in some capacity has been there for me for about 30 years. So, I'm dating myself a little bit there. I've touched a lot of niches not all of them building rehabs, you know, flips of commercial. Right now, as a result of coming out of the crash of 2008, painfully, we actually re-engineered the entire business, we do everything now on what we call "terms," which is owner financing, lease purchase, or subject to existing financing. That was, Sean, real simply, it took four years to wind out of the crash with all the banks and all the things that were going on. So when we came out of that, we said, 'what can we do, what's the protocol so we don't ever go back there?' So, we don't sign personally on loans. We don't use that capital very little, if ever. So, it's just a different model that helps me sleep at night. It's simple. It's simple for new people. That's kind of what and where we live in now, that space.
Sean Thomson 02:18
Right. So, you also work with other people to sort of get them started in that business as well, right?
Chris Prefontaine 02:25
Yeah, so we have a family company. It's myself, my son in law, Zach, and my son, Nick, and then a great team that surrounds us. We buy and sell those ways. I said in New England, so Massachusetts, Rhode Island, Connecticut, and then around 2014, we started getting requests to help other people do it do deals in the field. And so we now have hundreds of students all around North America, and a lot of those (about 125 or so) we partner with them and do deals with them. Here's why. The gap in real estate and I think you'll agree with this, you've been at it long enough to agree, that you've got the time someone takes a seminar or goes to a course, till the time they actually do a deal. Sadly, some never get there. Right? So there's a gap. And so we're trying to bridge that gap by locking arms with students and actually doing it with them why they interactively learn. So that's what we do all while doing our own deals, too.
Sean Thomson 03:14
Yeah, that's a big struggle is getting started. The first part is, is always the most difficult. So if you have someone that can kind of hold your hand through that process, that's helpful. So what are you seeing I guess most of the most of the people you probably deal with are coming from say full time work into wanting to be a real estate investor full time or something, some version of that. What are you seeing that some of the challenges that that your students are having from making that transition from full time worker to entrepreneur in real estate.
Chris Prefontaine 03:42
Two things come to mind immediately, and not in any order. One on one is managing expectations because they hear the glitz and the glamour of we create three paydays on our deals, and they hear the glitz and glamour of 'oh, it's like 50 grand or up to 250 per deal.' That's great, and it all sounds good, but the manage expectations is as you know, it takes time. And in fact, it takes triple longer than you think it's going to the rewards phenomenal. But it's never get rich quick and too many people online on TV are doing these late night garbage commercials saying you can get rich tomorrow and you can't and so you got all these people that are just upset and frustrated with managing their expectations incorrectly. So that's one. The second one is commitment, frankly, because too many people want to dip their toe in and try this new flashy new object or new niche in real estate. All the niches in real estate are profitable. All you got to do is find one that you can relate to find someone that's doing that so you can have a kind of a roadmap and then commit. That's the challenge. I see. It's not I'll try this for six months to see if it works. Now they all work. They all work great. They're all profitable, but you got to give it I say three years, three, six months. I had Brian Tracy on my podcast. Everybody knows him by now. He's 80 something years old. And he said it's not three years. He disagreed with me. He said it's seven years for an entrepreneur. They should give it seven I said great artists that's singing that now. It takes time. That's all so those two things.
Sean Thomson 05:02
Yeah, a lot of the a lot of the Guru's and the, I guess the training stuff is, is sold on possibilities, not probabilities. Yeah, I say this all the time. It's there's a lot of things that are possible. But you need to build a business on probabilities, not possibilities. And that's the managing those expectations, expectations are based on these probabilities that people are selling. And that's, that's really not really not likely to happen, especially if you're trying to build a business around it. So that's a very good point.
Chris Prefontaine 05:28
Yeah. And you said something about trying to get started. And those two that you just said, come together, because here's what happens. They also in a lot of the courses, a lot of the programs don't tell you what could happen. I have a whole chapter in a book that says what can go wrong. And I was actually criticized by a mentor that said, what do you do with that? Are you going to chase him away? I said, No, I want him to know that when they go out, it's not all warm and fuzzy. Like, this is what you got to deal with.
Sean Thomson 05:51
Yeah, it's much better to come into a program and understand that, hey, you're going to run into walls? Here's a couple of them that you're going to definitely see. Get ready now. Thanks. So they're not so bad, right? Yep. That's a great way to look at it for sure. So it is most of your students? Are they trying to? Are they trying to transition full time into real estate? Or what is what are you seeing? mostly people just want to have a side hustle and keep their job? Or? Or what's the what's the kind of makeup there?
Chris Prefontaine 06:15
We helped in 20, good timing with the COVID. Everything we helped around 12 or so people could some individual some couples go full time. That's just pretty cool. So most of them want it shot. I think the challenges, they all come to the table again, saying expectation wise, they want it. If they'll just commit and just come to me or they're, you know, different space, whoever they want to go to, and say, here's my plan. Tell me how to get there. What's the roadmap that the ones that transitioned, said that day one, I want to go full time tell me how to do it. So then we just align the activities that are needed for their Ranko the time and when we say you want to do that? They say no, it's okay. Let's lower the goal or push it out further, whatever we got to do, but it is predictable. If you want to do that. So yeah, most do want to do that. If they'll commit they'll get it.
Sean Thomson 07:00
Yeah, it's just it's just a matter of working out the formula. Right? So is it? Is it like you said Is it is it more investment and time are more investment capital or more, you know, is taken to take a little longer, whatever that is sort of moved? It moved from that full time worker to full time real estate investor? It's just a matter of working out the formula mostly right? Is that what you say?
Chris Prefontaine 07:17
Yeah, and it's predictable? Yeah, we know now I mean it but at the salon, I can tell you the metrics, I can say how many sellers you guys speak with? I can tell you how many houses you guys see. Yeah, I can tell you the metrics. So I run the do that work for a timeframe. That's all.
Sean Thomson 07:31
Yeah. And are you finding people that are having success? What was sort of their common thread? Are they are they? Is it the commitment? You said come in a couple times already? Those that are having the success? So they are there? They're planning it correctly? And are they executing? Are they committing fully? What is it that's really kind of making the difference for those that are winning?
Chris Prefontaine 07:49
I'll ideally have given all of them, but not in any order. One is yes, of course, the commitment, the serious, that's kind of the beacon, but then there's all the things along the way, right? All the little things, it's the willing to be held accountable, only to be coachable, and not taking a personal willing to literally like layer, I haven't have a stacking shirt on today, it's kind of a theme, but layer or stack, each thing we teach or each thing, whoever else teaches you being able to do that, and willing to do that, because as you parlay these things, you're building up your own foundation, no pun intended to then launching major, major financial structure does, it's willing to do that, not just I got it, I'm going to try it a little tidbit know, keep stacking, keep stacking, so you can get to where you want to be as an authority in your area.
Sean Thomson 08:35
So, your approach is to start here and then sort of later in the next level of learning and next level of deal flow, is that what you're talking about?
Chris Prefontaine 08:44
Yeah. So, let's say you have my student and literally look objective, and I go I, what is what from my standpoint would be next, like, you're a solopreneur, you start to do some deals. Now I'd like to see you get an executive assistant, here's how many hours per week. Okay, that's rolling. Now, I'd like to see you do this with the buyer side of your business. So anyone, not just me, who's going to teach you their niche can say to you very, very predictably. Here's what's next. If you want to take that because not always easy, then you have a great experience. That's how I met like, okay, Sean, I can see this week is what we should do next month, we should do this. I can see the next step. So let's just follow that proven path. That's all.
Sean Thomson 09:21
Yeah, so it sounds like just from listening to what you're saying, it sounds like determining your purpose and what's going to drive you in the direction you're headed is going to be step one for anybody that pets dealing with this and then creating a plan that's executed and then following that plan and sort of ratcheting up the success factors I guess as you go through and then committed to that path is what it sounds like. That's going to be the secret to success early?
Chris Prefontaine 09:46
Yep. And then bolt on the accountability piece. Right. So example one of my higher level students, brand new, just wasn't getting to the calls. And I said, Wait a minute. We reviewed your Why like you told me you want to be home for your daughter you want to like is that still your Why? Do we need to revisit that we had to revisit that and dig deeper than that really get up the courage, the courage to go ahead and get after it. Because if you define that, why, for us all these other things you just said they're easier. How becomes easier?
Sean Thomson 10:13
You're driven by that purpose, right? Yeah. Well, so I asked this to everybody, I guess we kind of talked about some of the technical parts of coming into this business from the corporate world. But what is sort of the American Dream for you? And kind of what are you doing to take it to the next level? I guess you're actually helping others do the same thing, right?
Chris Prefontaine 10:31
Yeah. So coincidentally, you and I were talking before the show on the corporate side, I'll kind of give you my life in the corporate on the corporate side, we have a mission purpose, and we have values. Our purpose literally, is that we have students, individuals and families create the life of their dreams, literally. So these people that I said went full time. We have metrics and goals around that helping people do that it's magical people say why do you coach is magical. When you see someone right Brian, this guy, Brian comes to mind 18 months ago, join us literally stopped flying, he wasn't seeing his son 17 years on planes, literally doesn't do that anymore. In tears, says I can look out my window and see my son, I can play with my son, I can launch my son. That's life changing. That's creating American Dreams for all of them and their parents. Right? My wife and I will be married 35 years this this August, our Why has always been a dream has always been to create experiences, that money can't buy, you need money to do it, but money can't buy those experiences, right? For us, that's grabbing a piece of land up north building a home that's coming up soon, and having grandkids and kids come there. Now, that's creating experiences that you can't replace. Right? So, that's the personal and that's the business side.
Sean Thomson 11:40
And what sort of helped you? Is there something that's helped you kind of get to achieve that and then made a difference for you?
Chris Prefontaine 11:47
Well, I guess I go back to the generic answer early. And that is, we constantly I say we, the team, in the family team, constantly say what's next for us, too. So, you know, back in 2017, it was, Hey, I got the lead generation kind of figured out now I need someone to show me how to scale a business. I never did that. I never went from seven to eight to nine figures. I never did that. So we seek out a company that can do that. So it's always the answer is it's always being willing and able to do what I said I wish our students all done that is commit to the next step with whoever is going to get you that. That's all it's all we constantly do a personal and business everyone on our team does up personal and business. What's next? Who has to help you get there in the next six months?
Sean Thomson 12:29
Yeah, so you're constantly looking for the next evolution in your business? And then how to get there and then sourcing out those either tools or people that you need to make that happen. 100% Yep. Well, Chris, how can how can our listeners kind of get ahold of you or get in touch with you to find out more information if they want to get you know some more information about your coaching? Or about what you guys have going on? And what's the best way to for people to reach out to you?
Chris Prefontaine 12:50
Sure. So, I'm about free, Sean, because I think there's so much opportunity in real estate go look for free to say what niche that fits you right? So for starters, they can go to www.smartrealestatecoach.com because on there, they can register for the free webinar. They can look into it, they can message me if they want some free material, direct result of this conversation with your audience only. They can email support@smartrealestatecoach.com -- In the subject line, just put your show name what your show is, and two free books, we will mail you our two best sellers free the high copies, the Amazon bestsellers will mail them out to you at our expense, I just need your address. So, send that over to us at support@smartrealestatecoach.com and love to get those books in your hands. So, you can start your due diligence process or bolt this on to something you're already doing.
Sean Thomson 13:36
Right. Exactly. Yeah. So make sure put those in the show notes. That's great. Well, thanks for coming on the show, Chris! I appreciate you coming and sharing this stuff. Most of our people that we that listen to us, I think are trying to make this transition and to have people that are helping them and giving them the tools and the knowledge to expedite that process I think is great. So I really appreciate you coming on.
Chris Prefontaine 13:54
I love it. I hope we can help! if we can help one person, I'm excited.
Sean Thomson 13:58
Yeah, hopefully we can help tons of them. Thanks again!
Abigail Thomson 14:03
Thanks for joining us for another episode of Next Level American Dream. If you would like to learn more about what we talked about today, want to contact the team directly, or are interested in passively investing and being a part of our deal room, head over to our website at www.thomsonmultifamilygroup.com -- Before you go, please leave a review! Your comments help us create more episodes for you to enjoy.