💰How to Save Your Clients Money
Happy Wednesday!
Here's this week's IAQ. Remember to hit reply to this email with questions/comments. And forward it to your fellow real estate agents/investors who might find it useful.
Idea
I never enjoyed going to classes taught by professors who knew so much that they didn't bother to teach the basics. As an ignorant young engineer, I struggled to learn from them. I needed to review Force = Mass x Acceleration, but they were going on about quantum computation! Please, avoid making that same mistake with your clients––don’t assume they know everything you do.
Instead, break concepts down and keep them simple. Even discussing something that seems obvious to you, like a 1031 like-kind tax exchange, could potentially save them a boatload of money. Maybe your client knows about a 1031 exchange––but maybe they don’t. Even if they do, it’s easy for a client to lose track of the big picture when they’re overwhelmed by the minutiae of their personal deals. They may be too busy thinking about how to resolve the inspection findings to think about creative tax strategies.
By simplifying complex topics and addressing even the basics, you not only build trust with your clients but also empower them to make well-informed decisions. Clients appreciate guidance that considers their level of understanding, and in the end, they’ll see you as a valuable partner who helps them avoid costly mistakes. So, take the time to explain, clarify, and ensure they grasp the essentials—it's not just about knowledge, it's about ensuring that knowledge is actionable.
Action
Review your client interactions and identify areas where you may be assuming too much prior knowledge. Create a checklist of common real estate concepts, like 1031 exchanges, tax strategies, or property inspection details. Use this checklist in your next meeting to ensure you're covering the basics and offering valuable insights, even if they seem obvious to you.
Question
What are some strategies you can use to ensure clients fully understand key concepts without overwhelming them with information?
See you next week for the next edition of The Weekly Roar!
-Roar
PS: Have you heard? My book is now available on Amazon! This has been a huge passion project, and I'm stoked that I'm finally able to share it. Buy your copy today and email me your thoughts!
