How I Sold My First Multi-Million Dollar Property
Hey there folks! It’s been a minute, I’ve been super busy doing a lot of things. Selling real estate of course, but also making music, producing videos, photos, it’s been a very busy season. Not to mention I just had a baby, so no one in my house sleeping really. So yeah, busy!
But I just got an interesting request on my Instagram. someone wanted to know if I’ve sold my first property over $1 million, and I have! I actually just sold my first multi-million dollar property. Super exciting, and I’d be happy to share how I got into it.
Quick disclaimer: I can’t get into too much detail on this deal, but I will say this it’s a commercial real estate deal and not residential. But these principles can be carried over into any type of sale! So that could be commercial real estate, residential real estate or any other major contract or product that you’re selling. What I want to do is basically outline a little bit about how I work to gain access to these types of deals and a little bit about how I fulfill on them.
But you will want to watch this to the end if you want to know how this works, because it’s not as simple as one, two, three – take note of all that I’m saying and personalize the details for yourself if you want this to be helpful for your business.
I hope you’ll give me a thumb’s up and subscribe, let’s get started.
Let’s start with selling 101. Your sphere of Influence is the best place to start finding all your first deals, and it’s the place you will look to continue and grow your business every day for the rest of your life. Your sphere of influence is all the people you know in person, online, in your family. And if you’re doing your job, it’s constantly growing. My first multi-million dollar sale happened through my sphere. Close friends of mine and my wife’s happen to be looking to purchase a bar or restaurant location in the Nashville area. But it wasn’t simple – they were shopping for a business location during a global pandemic with very specific funding needs, so I was looking at a lot of for sale by owner locations and going through tax records, it was a bear of a search. But these were friends of mine, out of state, and I was here looking for about 6 months before we actually found something they were interested in, that also met these very specific needs.
Which brings me to the second thing I did to make this happen. Another business 101 tip: Meet all the needs of the deal. If you can create a solution that works for all parties, you win every time. I’m trying not to get into too much detail here, but in this particular deal I had to negotiate on all sides, my commission came into question at multiple points because the seller wasn’t represented by an agent and didn’t want to be, and there were communication complications and all the finer points of the financing because of how it was financed. It was a lot. But I brought the details in and I’m not going to say I did it flawlessly, because I definitely made some mistakes I had to correct, but I was open, honest, and I made sure everyone was accounted for at every step of the way. I also learned from my mistakes and have expanded my team to include a transaction coordinator who can help me with the clerical side of things so those kinds of mistakes aren’t made in the future.
Next thing I’ll say is – be professional, courteous and considerate. Unfortunately sometimes that means being prepared to walk away. And this may be the biggest piece of advice I’m going to offer in this video. Sometimes to get what you want you have to be prepared to let it go – like the song (let it go!). But I had to be prepared to walk away from this deal, like others before it, in order to get the responses I was looking for. During this negotiation, at least at one point, I told the Seller this was our final offer and we were going to move on. It works or it doesn’t, and that’s that. And that was the truth. This doesn’t work to make up peoples minds for them, there’s no trick to it, it just tells people to shit or get off the pot. Some offers just aren’t what people are looking for, and you can’t waste time on a deal that’s not going to work. You have to be willing to honest about what you want to get what you want. Hashtag that. Tag me.
The last thing I’m going to say is, “go above and beyond”. This sounds simple enough, but it’s not enough. Really go above and far beyond what you think is needed. I have two kids now, three animals at home and a wife – I also run multiple businesses – I’m busy. But I make time to exceed expectations with every project I take on. That means though, that you have to set expectations. And maybe that’s the real take away. You can’t go above and beyond expectations if there aren’t any. But I’ll also say that in real estate, agents have done a phenomenal job of setting a very low bar for professionalism and quality. I’m not trying to insult other agents, please don’t hate me for saying this. But, be honest with yourself. Are you being the professional you know that you can be? Cause that’s how I got my first multi-million dollar sale. Being open, honest, and working my ass off to make it work. And I’m still working on this one, way past the sale to make sure my client remains happy.
So to recap:
I got my first multi million dollar deal done by tapping into my sphere of influence, working hard to find exactly the right opportunity for what my buyer was looking for and matching them to the seller that met those needs, then I made every detail count – considering all points across the table. Finally, I saw the deal through to the end, and beyond, setting expectations so that I could exceed them. It may seem vague, or a little simple, but you know what they say… “Keep it simply stupid”. Or as I might say, “Keep it stupid simple”.
I hope this video provided some insight and maybe helps you get to your first multi million dollar deal. Leave me comments below. Nothing but love folks, nothing but love. See you again soon.