3000+ Real Estate Deals Later, Going From Startup to Succession | Part II

Disruptors

Steve Trang

Business, Investing, Careers

5 • 741 Ratings

🗓️ 28 July 2022

⏱️ 57 minutes

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Summary

Eric Brewer has already completed more than 3000 real estate deals, with Novations as his expertise from startup to succession.

3000+ Real Estate Deals Later, Going From Startup to Succession | Video replay of my interview with Eric Brewer

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3000+ Real Estate Deals Later, Going From Startup to Succession

Eric Brewer

Since 2006, as a real estate investor, Eric Brewer has completed more than 3,000 residential real estate deals in Pennsylvania and Maryland. His experience covers purchase, renovation, direct-to-seller marketing, Novations, turn-key rentals, property management, and wholesale. He is currently the owner of Integrity First Home Buyers, which does nearly 350 deals per year and comprises 40+ members on staff, including a COO and a full executive leadership team.

Transcript

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0:00.0	$240,000. So those commissions just aren't that lucrative. Out here, where you might pick up
0:06.1	leads and be able to convert to listings on $700,000 properties, that might be the same as
0:13.1	flip at a house. Three percent on $800,000, $24,000. That's more than the average wholesale rep.
0:19.3	And you've also sold your property management company.
0:22.2	Yeah.
0:22.9	So I know that you have always been a great operator in that department.
0:29.2	So what was the mindset getting to that or doing that?
0:33.9	It is, it required a tremendous amount of energy for me because I'm just generally not naturally
0:44.3	wired to do the precise work that comes along with property management.
0:49.3	So I hired a bunch of really good people, but the skill set and the behavioral profile of that person versus mine are so opposite.
0:58.3	It required a ton.
0:59.4	There was a lot of healthy conflict in those conversations.
1:02.6	And then generally in property management, like the margins are just so low.
1:07.2	And one of the things that I realized in property management is because the margins are so low,
1:13.1	the normal person that they hire is paid an underwhelming wage.
1:19.4	And when you have really hard work for people to do, like invicting people, handling
1:25.7	maintenance tickets, like showing a house to 30
1:28.9	prospective tenants and only one of them qualify. It's hard work. And you only pay $37,000 a
1:36.3	year. It's just hard to get quality people. And then when you do, they're not going to stay
1:44.0	alone, not for $37,000.
1:45.0	So the right way to, I think, to run a property management company is actually to raise your fee.
1:50.0	Because the one thing I can tell you, property management, the management fee is not where people lose money.
	...

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