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Benefits of Masterminding, Successes and Challenges - The Property Nomads Live Mastermind Recording and Sorry Lebanon

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Manage episode 228963377 series 2478169
Content provided by The Property Nomads, Rob Smallbone, and Aaron Devoy. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Property Nomads, Rob Smallbone, and Aaron Devoy or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

GET OUT THERE AND MASTERMIND
Matt and Rob are joined by very special guests in this latest episode of The Property Nomads Podcast! Mark and Alex are here for a live Mastermind session, covering a range of property challenges and issues. The support and positive relationships that come from a Mastermind group are clearly demonstrated throughout this highly entertaining and informative podcast.

Once you've tuned in to this live and raw Mastermind session, you will be inspired to get out there, meet new people and expand your knowledge as part of a Mastermind group.


Sign Up For MSOPI Here: https://bit.ly/msopi-nomad


KEY TAKEAWAYS

What’s the best way to get more people on a database?

A database can be developed by networking and meeting people through things such as a Mastermind group. It’s about building those relationships with others. Property is the vehicle, but people are what makes it happen.

• Success and challenges

Property is filled with both successes and challenges. We can be sympathetic to tenants who face challenges and try to understand their personal circumstances and try to find a solution together.

• What have you learnt?

A. Not to buy houses in aspirational areas where they are going to be rented out to aspirational tenants who have the desire and eventually the affordability to buy their own house. I want tenants to stay in a property for an extended amount of time and treat the property like their own, looking after it.

• Time is a challenge

Time management is key. It’s vital to compartmentalise and be disciplined and follow the processes you have put in place. The consequences of ineffective time management are lack of sleep, poor decision making and it has a negative impact on your mood.

Take control through mental discipline and better time management skills, utilise apps and section your day focusing on one specific area of work during each time slot.

• Challenges of refurbishment

Syncing diaries and liaising with all different parties, especially when a project is behind schedule. If the property is being finished to a high specification then attention to detail is vital. It’s a huge learning curve but is positive because the learning and experience can be taken forward to other projects.

• Relationships

Your understanding of how you work with other people and your ability to form relationships will develop through every experience that you have. Property is a people's business and being part of a network and the relationships you make are what takes your business to the next level.

You need to make sure you ask lots of questions and build a good rapport with agents. You need to speak to multiple people to make sure you have got a well-rounded view of any property investment you are considering. It is the positive relationships you have with agents that will help to ensure that you are aware about possible investment opportunities.

• Property management

Being local has its advantages as you get to see you properties - some investors are from elsewhere and require your hands on management service on location.

A good agent will be checking regularly. Ultimate responsibility falls to the landlord, so it is up to the landlord to make sure the management company are fulfilling their role correctly.

You need to work with your management company to get things sorted. As landlords are ultimately responsible, agents do need to be reminded that there is a standard they need to adhere to to ensure everyone is happy.

Not everybody practices reverse engineering to make sure they have a road map of the things they need to do and the level of standard they should maintain. The road map needs to include a process that will work with 1 or 100 properties. A good management company will have processes in place so that things run smoothly and can be scaled up.

• Communication and due diligence

Everything comes down to communication and implementing due diligence on the people you want to have in your team. With the right people, it is much easier to move forward with your business.

Trust with your agent is developed through working together and developing a relationship.

• What are the benefits of regular Masterminds?

You can share contacts and learn from each other's experiences. You hear about other people’s challenges and can use those experiences and solutions when you face something similar. If you have a problem that you are struggling to resolve, someone else in your mastermind group may have an answer or the shared discussion may lead to a resolution.

BEST MOMENTS

‘Mastermind's can be very social, it is a very enjoyable experience and you can make friends’
‘Don’t be the most experienced one in the room, if you can learn from someone else you are with then it's even better’
‘It’s the best of both worlds, a good balance’
‘You are the average of the 5 people you spend the most time with’
‘It all comes together, a melting pot’
‘Use of our tribal knowledge’
‘Get out there and mastermind’
‘The best lesson in life is to cock up and to then have the resilience to find your way through it’
‘You’ve got to experience it for yourself to be able to learn and give back’
‘It’s about being on the right street’
‘Generally, you get back what you give out, people are pretty decent’
The willingness to learn is key and if you document everything then you can refer back to it
VALUABLE RESOURCES
https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2
Contact Mark
info@kgproperty.co.uk
Contact Alex
info@investingnorth.co.uk
ABOUT THE HOSTS
Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions.
They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon.
Buckle up, sit tight and enjoy the ride that is life.
CONTACT METHODS
https://www.linkedin.com/company/the-property-nomads
https://www.facebook.com/ThePropertyNomads/
https://www.instagram.com/thepropertynomads/
https://twitter.com/propertynomads
Subscribe to The Podcast
https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2
https://www.stitcher.com/podcast/the-property-nomads-podcast
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast

  continue reading

466 episodes

Artwork
iconShare
 
Manage episode 228963377 series 2478169
Content provided by The Property Nomads, Rob Smallbone, and Aaron Devoy. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Property Nomads, Rob Smallbone, and Aaron Devoy or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

GET OUT THERE AND MASTERMIND
Matt and Rob are joined by very special guests in this latest episode of The Property Nomads Podcast! Mark and Alex are here for a live Mastermind session, covering a range of property challenges and issues. The support and positive relationships that come from a Mastermind group are clearly demonstrated throughout this highly entertaining and informative podcast.

Once you've tuned in to this live and raw Mastermind session, you will be inspired to get out there, meet new people and expand your knowledge as part of a Mastermind group.


Sign Up For MSOPI Here: https://bit.ly/msopi-nomad


KEY TAKEAWAYS

What’s the best way to get more people on a database?

A database can be developed by networking and meeting people through things such as a Mastermind group. It’s about building those relationships with others. Property is the vehicle, but people are what makes it happen.

• Success and challenges

Property is filled with both successes and challenges. We can be sympathetic to tenants who face challenges and try to understand their personal circumstances and try to find a solution together.

• What have you learnt?

A. Not to buy houses in aspirational areas where they are going to be rented out to aspirational tenants who have the desire and eventually the affordability to buy their own house. I want tenants to stay in a property for an extended amount of time and treat the property like their own, looking after it.

• Time is a challenge

Time management is key. It’s vital to compartmentalise and be disciplined and follow the processes you have put in place. The consequences of ineffective time management are lack of sleep, poor decision making and it has a negative impact on your mood.

Take control through mental discipline and better time management skills, utilise apps and section your day focusing on one specific area of work during each time slot.

• Challenges of refurbishment

Syncing diaries and liaising with all different parties, especially when a project is behind schedule. If the property is being finished to a high specification then attention to detail is vital. It’s a huge learning curve but is positive because the learning and experience can be taken forward to other projects.

• Relationships

Your understanding of how you work with other people and your ability to form relationships will develop through every experience that you have. Property is a people's business and being part of a network and the relationships you make are what takes your business to the next level.

You need to make sure you ask lots of questions and build a good rapport with agents. You need to speak to multiple people to make sure you have got a well-rounded view of any property investment you are considering. It is the positive relationships you have with agents that will help to ensure that you are aware about possible investment opportunities.

• Property management

Being local has its advantages as you get to see you properties - some investors are from elsewhere and require your hands on management service on location.

A good agent will be checking regularly. Ultimate responsibility falls to the landlord, so it is up to the landlord to make sure the management company are fulfilling their role correctly.

You need to work with your management company to get things sorted. As landlords are ultimately responsible, agents do need to be reminded that there is a standard they need to adhere to to ensure everyone is happy.

Not everybody practices reverse engineering to make sure they have a road map of the things they need to do and the level of standard they should maintain. The road map needs to include a process that will work with 1 or 100 properties. A good management company will have processes in place so that things run smoothly and can be scaled up.

• Communication and due diligence

Everything comes down to communication and implementing due diligence on the people you want to have in your team. With the right people, it is much easier to move forward with your business.

Trust with your agent is developed through working together and developing a relationship.

• What are the benefits of regular Masterminds?

You can share contacts and learn from each other's experiences. You hear about other people’s challenges and can use those experiences and solutions when you face something similar. If you have a problem that you are struggling to resolve, someone else in your mastermind group may have an answer or the shared discussion may lead to a resolution.

BEST MOMENTS

‘Mastermind's can be very social, it is a very enjoyable experience and you can make friends’
‘Don’t be the most experienced one in the room, if you can learn from someone else you are with then it's even better’
‘It’s the best of both worlds, a good balance’
‘You are the average of the 5 people you spend the most time with’
‘It all comes together, a melting pot’
‘Use of our tribal knowledge’
‘Get out there and mastermind’
‘The best lesson in life is to cock up and to then have the resilience to find your way through it’
‘You’ve got to experience it for yourself to be able to learn and give back’
‘It’s about being on the right street’
‘Generally, you get back what you give out, people are pretty decent’
The willingness to learn is key and if you document everything then you can refer back to it
VALUABLE RESOURCES
https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2
Contact Mark
info@kgproperty.co.uk
Contact Alex
info@investingnorth.co.uk
ABOUT THE HOSTS
Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions.
They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon.
Buckle up, sit tight and enjoy the ride that is life.
CONTACT METHODS
https://www.linkedin.com/company/the-property-nomads
https://www.facebook.com/ThePropertyNomads/
https://www.instagram.com/thepropertynomads/
https://twitter.com/propertynomads
Subscribe to The Podcast
https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2
https://www.stitcher.com/podcast/the-property-nomads-podcast
uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast

  continue reading

466 episodes

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