Digital Social Hour: The $20K Bankruptcy Lesson Every Agent Must Know | Chris Bentley DSH #1018
Host: Sean Kelly
Guest: Chris Bentley, Real Estate Expert from Dallas
Release Date: December 26, 2024
Introduction
In episode #1018 of Digital Social Hour, host Sean Kelly welcomes Chris Bentley, a seasoned real estate expert from Dallas. The conversation delves deep into Chris's journey in the real estate industry, his experiences navigating financial challenges, and the invaluable lessons he's learned along the way.
Chris Bentley’s Real Estate Journey
Background and Early Career
Chris Bentley has been entrenched in the real estate sector since 2003, accumulating over two decades of experience. Originally based on the East Coast, he relocated to Dallas over 13 years ago, where he has established himself as a prominent figure in the luxury home market.
Surviving the Real Estate Crash
Reflecting on the tumultuous times during the real estate crash, Chris shares, “[02:00] I went bankrupt, but I lost my houses too. So I had, like, tenants in there that weren't paying and it was just like a big mess.” Despite these setbacks, he managed to recover within a year or two by strategically leveraging his credit and understanding the intricacies of financial management.
Navigating Bankruptcy and Financial Recovery
Experiences with Bankruptcy
Chris candidly discusses the challenges of declaring bankruptcy, stating, “[02:06] Back then, like, bankruptcy was a lot easier than it is now. So I just did a BK and just survived it.” His ability to recover swiftly was partly due to his savvy use of credit resources, including utilizing his mother’s credit cards to rebuild his financial standing.
Lessons Learned
One of the pivotal lessons Chris imparts is the importance of maintaining a clear financial strategy and avoiding the pitfalls of overextending oneself financially. “[03:16] It's luxury homes. I mean, I sell a lot of luxury homes. High priced stuff. I get to meet a lot of really cool people, I bet, which is really great.”
Insights into the Dallas Real Estate Market
Current Market Trends
Chris provides an insightful analysis of the Dallas real estate market, highlighting the influx of relocations from high-tax states like California, New York, and New Jersey. “[00:31] How's that market been lately? [Chris]: It's good. Yeah. A lot of relocations to Dallas. Obviously, it's a state that has no taxes, so a lot of people moving.”
Luxury Home Focus
He emphasizes that in Dallas, properties priced over $600K are considered luxury, a stark contrast to markets like New York or California where such prices are more standard. “[04:02] I mean, Dallas is a little different from like the New York and like the Cali markets. So, I mean, anything that's like over a half million is considered like. Or I guess more like 600 markets are like luxury.”
Market Challenges
Despite the thriving market, Chris notes that pricing remains inflated, making it challenging for buyers to compete. “[13:01] Just depends. This is going to be our biggest year. But really, even though it's like a down year. [Chris]: Yeah. Everything right now is really over inflated, honestly, in pricing. Everybody thinks they're going to get the top dollar and there's just no buyers.”
Business Strategies and Client Acquisition
Networking Mastery
Chris attributes much of his success to his relentless networking efforts. “[06:33] ...a lot of networking, Like, a lot of, like, handshaking and, like, you know, talking to people about what they do.” His proactive approach in building relationships has made him a well-known figure, leading to a steady stream of referrals.
Embracing Social Media
While traditional networking remains essential, Chris acknowledges the growing importance of social media in client acquisition. “[06:34] I. I was an absolute, like, ninja in terms of. Or like, a psychopath with the... networking, I was out, like, every night, even, like, weekends, just trying to, like, meet people.”
Mentorship and Brokerage Growth
Currently leading a small brokerage with 18 agents, Chris emphasizes a hands-on mentorship approach. “[11:28]...we have a lot of products that we sell, which is really great, and we just keep rolling. Like, the great thing about our, you know, company is me. Like, I mentor people, I coach them.”
Investment Approaches and Additional Ventures
Stock Trading and Capital Management
Beyond real estate, Chris is involved in capital management, focusing primarily on equities. “[14:29] So on Amazon, fba, it started out as just something that I did as like a hobby... [Later discussing stock trading]... I look at charts. Yeah. So I buy low so high.”
Cautious Approach to High-Risk Investments
Chris advises caution in volatile investment areas like options and cryptocurrencies, sharing experiences and observations about the risks involved. “[17:56] That's crazy. [Sean]: How is that even possible though? [Chris]: Like, because the federal always pushed them up.”
Media Ventures and Reality TV Experiences
Attempts in Reality TV
Chris recounts his brief stint in reality TV, which ultimately led to his withdrawal from the format. “[08:38] I was on, like, this dating show, and I did it and I, like, regretted it and never. And never aired how it didn't.”
Desire to Create Authentic Content
Frustrated with the dramatization in existing reality shows, Chris expresses his intent to create more authentic content centered around real estate. “[07:46] I'm trying to create one. Like, I've been on a couple of shows and trying to promote something that, like, get it happening and, like, it just hasn't worked out.”
Personal Development and Mindset
Continuous Learning
Chris underscores the significance of personal growth through constant learning. “[20:04] I listen to, like, a lot of, like, motivation. I learned that when I was Broke. Like I was like, I would wake up in the morning and listen to motivation and then before I went to bed, I listened to motivation.”
Influence of Relationships
He credits his girlfriend for providing valuable perspectives that aid in his personal and professional decisions. “[20:23] That's what I really like about my girlfriend. She'll put me in some angle about something and I'll be like, that's like a really good idea.”
Closing Thoughts and Future Aspirations
Vision for Growth
Looking ahead, Chris envisions expanding his brokerage significantly, aiming for 180 agents in the future. “[21:56] Probably 180.”
Emphasis on the Journey
Despite his ambitious goals, Chris remains focused on enjoying the journey rather than just the financial gains. “[22:10] It's going to be a fun journey. Like, that's what I'm really looking forward to is, like, the journey more than just, like, the numbers.”
Final Advice
Chris concludes with a powerful message about resilience and the importance of having no safety net to drive success. “[23:24] Be no safety net. You have to figure it out.”
Notable Quotes
- Chris Bentley (02:00): "I went bankrupt, but I lost my houses too. So I had, like, tenants in there that weren't paying and it was just like a big mess."
- Chris Bentley (06:34): "I was an absolute, like, ninja in terms of... networking, I was out, like, every night, even, like, weekends, just trying to meet people."
- Chris Bentley (11:28): "I mentor people, I coach them. It's not a situation where you just like, come in, pay your fee, you know, you get a desk... you can ask me questions, you can roll with me, we can go to appointments."
- Chris Bentley (20:04): "I listen to, like, a lot of, like, motivation. I learned that when I was Broke... I would wake up in the morning and listen to motivation and then before I went to bed."
- Chris Bentley (22:10): "It's going to be a fun journey. Like, that's what I'm really looking forward to is, like, the journey more than just, like, the numbers."
Conclusion
Sean Kelly and Chris Bentley engage in a candid and insightful discussion that offers listeners a profound understanding of the real estate industry's challenges and triumphs. Chris's resilience in overcoming financial hardships, coupled with his strategic approach to business and investments, provides valuable lessons for both aspiring and established real estate agents. His emphasis on mentorship, continuous learning, and maintaining a growth mindset underscores the core themes of success and sustainability in a competitive market.
Connect with Chris Bentley:
- Website: chrisdbentley.com
- Social Media: Chris D. Bentley
- Email: Available on his website
Thank you for tuning into Digital Social Hour. Stay tuned for more episodes featuring industry leaders and experts sharing their unique journeys and insights.