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- [00:00]
Blue Nile
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- [00:31]
Verizon
To your phone this holiday, whether it crashes down the chimney or gets broken like a New Year's resolution, Verizon's got you this Black Friday. Trade in any phone, any condition from one of our top brands and get a wonderful new iPhone 16 Pro with Apple Intelligence on unlimited ultimate and iPad and Apple Watch Series 10. That's up to $2,000 in value, so you'll save big on three amazing Apple gifts. Hurry into Verizon. This Black Friday service plan required for iPad and Apple watch. Up to $2,000 value based on iPhone, iPad and Apple Watch. Trade in and additional terms apply. See verizon.com for details. Apple Intelligence available now.
- [01:01]
Justin Colby
What is up Science of Flipping Family? It is your boy, Justin Colby, and I'm super fired up for this episode because I'm going to talk about what the most valuable thing you can be doing going into 2025 is for your real estate business. Now, if you're an experienced real estate investor, you need to listen to this entire episode. You're going to completely understand what I'm saying and you'll be able to make real time pivots right now, today, if you're a brand newbie, maybe you're an aspiring real estate investor, maybe you've never done a deal, Maybe you have a W2. This is the creme de la creme. This is going to be the most important part of you making decisions moving forward and figuring out how you can go get your very first deal. All right, so now I know you're thinking, what the hell are you talking about, Justin? What is the most valuable asset going forward for 2025? It is plain and simple. It is data. Data by far, hands down in today's world with technology and AI is the most valuable asset and most valuable concept I want you guys to wrap your heads around. This will absolutely change how you approach real estate and business going in to 2025. Now, I know here I have people on both sides of the aisle, meaning some are brand newbies. Never had a deal and then some are some seasoned veterans. You've done deals, you have a business, you're making some money. Both, it is true for both of you need to be focusing on your data. Now. Let's talk about that. Now data in a general sense would simply say like downloading a list, skip tracing the list and calling that, that would be data. But I want to go way deeper for you. Now I've been enriching data for the better part of 12 months. Since technology and AI is really caught up, I've been really leveraging this technology and AI and over 12 months we've been enriching all data that comes into us. Now as a real estate investor, how would someone come into us? Well, I use TV ads for one, I do PPC for another and I do direct mail. So when those individuals come into us, then I immediately enrich the data to understand who I'm talking to. Now let me take a step back because I need you to understand what I mean by enriching my data. I get way deeper personal information than just a cell phone, but I do get a cell phone and I get a home phone. And by the way, getting the right data is most important. Just using some skip tracer to go get eight phone numbers that you don't really know which one is which without any type of guarantee of what is an active cell phone versus what isn't, that's not good data. And by the way, I'll tell you guys now stay tuned for part two of this. This episode is going to talk to you about the power of getting good data and enriched data. In part two I'll be actually telling you exactly the softwares, tools, companies and technologies I use to do this in my real estate business. So make sure you also listen and watch number two. Now that being said, so if I have people coming into my world through an opt in on my TV commercial, through an opt in on my ppc, through calling me or opting in on my website through direct mail, I immediately get things like their credit score, I get things like their mortgage balances, I get things like their income, I get things, you know, do they have multiple properties? I get such enriched data that I immediately understand what is of higher value for my business and what is not right. If I get a lead that comes into my website through direct mail essay and I get the income score for that person, we'll have a range. Usually let's say it's 150 to $200,000, probably not incredibly high motivation financially to sell their Home. So do I put this at the top of my list of leads that are extremely motivated, extremely hot, or not? Now, another opt in might come in from my website, from direct mail, or maybe my TV commercials. They might have a income score that is less than 50 grand. Do I feel like that person might be in a financial position that they might be needing to sell their home? The answer is yes. And so what this has really done for our team is we remove a lot of the guesswork, we remove a lot of the actual brute effort that my team personally, as humans have to go do. And we can rely a lot more on technology and AI. So for example, the individual who comes in with a high income, do I need someone to call them right away, or do I need my AI bot to maybe start communicating with them about their level of interest in selling? Well, the answer is I would rather my AI bot start communicating with them and start sending out some emails through automation to engage with that person out of the gate at the very same day I have someone who has an income score less than 50,000 a year. Do I want the bot to work that person or do I want a person to give them a call? Well, the answer is I want a person to give them a call. Now, it seems easy. It seems like that's the obvious. But what you need to start to do is create the efficiencies in this. Now, I want to go a couple layers into this. So you got to stick with me. If this is foreign to you, stick with me. You'll understand it. Now, I also can pull a list of data from REI lead machine. Reileadmachine.com is where I pull all of my lists, from high AI data to absentee owner data, to divorce to probate, to, you name it, right? I pull all of it from REI lead machine. Now I can take that same list. At most people, you just go skip trace it and you, you either cold call it yourself or you give it to a va. You give it to a cold calling company. Well, the reality is that's the old school way of doing it. You're not focusing on the data because there is technology, there is software. You can take that same list and enrich that list. You enrich the list so that you can actually have the data that I'm talking about, like credit score, like income and so many other data sets, right? Credit availability, whether current, on paying bills. I mean, honestly guys, to some extent, I'll tell you right now what is out there that is legal to get. It is scary how much information we can get on people. But if you're going to pull a list anyways, why wouldn't you actually know who you're calling? Or even better, be efficient with how you communicate with them, right? I get a lot of deals through Realtors. I get a lot of deals through wholesalers. Now they are bringing me the seller. I don't have any real communication with the seller themselves, but when I get deals that are directly the seller, I would rather communicate with people who have high levels of motivation to sell rather than doe. Now obviously if someone is behind on.
- [08:24]
Progressive Insurance
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- [09:00]
Justin Colby
Grabbing the holidays by the bows with Duluth Step 1 Hire a mall SATA to handle snow removal.
- [09:07]
Duluth Trading
Oh my sciatica.
- [09:10]
Justin Colby
Step two Hit Duluth trading for ingenious gear they'll actually want.
- [09:16]
Stripe
Stripe helps many of the world's most influential companies grow their revenue and build a more profitable business. Whether it's Hertz making checkout a smooth ride for their customers, OpenAI answering unprecedented demand, or PGA chipping away at back office inefficiency, Stripe's financial infrastructure platform helps companies achieve ambitious goals. No matter what success looks like for your business, Stripe helps ensure the complexity of financial systems doesn't get in your way. Learn more@swepe.com at Capella University, learning the.
- [09:48]
Capella University
Right skills could make a difference. That's why our business programs teach you relevant skills you can take from the course room to the workplace. A different future is closer than you think with Capella University. Learn more at Capella.
- [10:00]
Justin Colby
Eduardo their mortgage payments or maybe they owe back taxes. That's great, but why wouldn't I also enrich a lot of that data to really have an educated conversation with them about how much value I can provide them and where. And a lot of that data will come back when you feed that data in to the technology. Now I want to take another step and I want to change the frame for you guys. This is in the real estate space. Let's just talk about business in general. I run a very high volume coaching business. Well, I want to bring the Best of the best people into my world, so I can actually move their needle so I can get them their first deal or I can help them grow and scale their business. So doesn't it make sense to be able to enrich the data of a potential customer? And the answer is obviously yes. So this doesn't just pertain to real estate, it pertains to business as a whole. This technology is out there, the AI is out there, the communication and systemization of that communication is out there. Now you're, you're listening to someone who's been in this business for about 18 years. And I've built a really big business and I've scaled down the business and grew a medium business and scaled down the business. And I'm of the belief bigger is not better. Efficiency is senior to bigger. Right? Meaning I don't need more people. I need efficiencies in this type of stuff. Operational right efficiencies. And so some of this operational efficiency comes in, who are we working? Where are we spending our time? Are we looking at the data set of what deals are actually getting done and then cross, like pinging them is what I'll say. I ping through what are the different layers that are all similar or the same? So we did these five deals. What are the commonalities in all five deals from the data sets that we can start to target more and that helps us make further decisions. So right now, the other component of this is when I want to pull the trigger on do I want to spend more marketing and in what channel do I want to spend any marketing? Right. Or do I want to do a little more grassroots, given what the data set is giving to us? We now are in a place of societal, technological, AI, like heavyweight stuff. And unfortunately, what's scary is people are getting weeded out of this scenario because I don't need as many people in my own business. I just don't. Because a lot of this can be systemized and strategized in a way that I can do. I can use the technology to get 90 yards down the field. And then all I need is a closer, someone who knows how to analyze the deal and actually make the offer and get that actual deal. I don't need a setter, I don't need a junior closer or any of these other scalable sides. I literally just need the right data and then I can transform that into a deal. Because more data doesn't necessarily mean you're going to get more deals. I hear this all the time, especially from more Seasoned veterans, right? I need more leads. I need more leads. I gotta do more PPC and ppl and commercials and direct mail. I need more. That's not always true. You need refinement, you need to be efficient on the data you're getting. So if you're out there and you're an experienced investor, if you've been around, if you've done deals, if you got something moving, the thing you need to prioritize going into 2025 is data. If you focus your time, energy, intention on creating efficiencies with the data you are given from your marketing and the data that you are pulling, right, you will actually not need as much lead volume to do more deals. And if that is going to be your focus going in 2025, you're going to actually win. There's four or five different softwares and tools that I use to do all this stuff and none of it is exorbitantly expensive. But if you are a seasoned veteran and you do have a business running, then you need to be using these two. And this is what we're going to go over here on. Part two. If you're a newbie, these tools aren't very expensive. And really for most of you newbies, you're thinking, Justin, getting started is the hardest part. I'm hard to get. You know, I haven't made any offers this month or this year. Well, if you start to focus on the right people, who are the right people, it starts to make everything else easier because you can actually target the people that will actually sell you the deal versus the people who just want top dollar. The biggest problem in our space period as real estate investors as a moment in time, is not interest rates. It is the sellers who do not want to waiver on their top dollar price. That is our hardest challenge. And yes, you can take every sales program ever invented and that will get you somewhere. But what will really move your needle as a newbie and an experienced investor is targeting the actual right people that might not even be motivated anymore. They might just be over the home, they might just not even care anymore. Right? And so if you are targeting the highest of high motivations that has such enriched Data points in AI technology, pulling those points over 40 years of real estate transactions and, you know, pinging the commonalities there and then you give that person a call or you knock their door or you send them a piece of mail, the likelihood of you getting that deal goes way up, goes way up, shoots through the roof, really, rather than just pulling some random list, giving it to a cold call company and spraying and praying is what I like to say, right? You're just using machine gun and throwing it around everywhere versus using a rifle. In today's world, the technology is so great and the AI is so great that if you are not being a sniper of sorts, you're not going to really be as efficient as you need to be in 2025. You might do okay, but if you want to win at a much larger level, then your most valuable time, energy and effort needs to be focused on data, data enrichment and understanding the data you're pulling from the list. Because you can easily just pull a list, upload it into some of the software and it will enrich the data immediately. And then by the way, it spits that data right back into my CRM. Right, it spits it right back into my CRM. And then in my CRM I have a bot that starts the communication relative to the scores that the data gave that homeowner. So depending upon whether it's a zero to, you know, 20, 20 to 50, 50 to 100, depending upon these scores and really goes up to a thousand, then it changes how we communicate. Like I said earlier, is it the AI bot that's going to communicate or is it a person? And all that changes based around how the data gets fed into the CRM and then we have the system of what and how it should be communicated with. Guys, I will say it again. The most valuable asset, the most valuable time spent, the most valuable thing you can be doing going into 2025 will make you win in 2025 is understanding data, data enrichment and putting together a process to be efficient around that data. Now stay tuned for part two of this. I'm actually going to review with you. What softwares am I using, what tools am I using, what technologies am I using, what is the actual system that when it goes pumps into my CRM, what is actually happening. So part two of this will be a follow up so you guys don't have to wonder what are all these different things? I'm just going to tell you the ones I use, how I use it and why it creates efficiencies in my business. So I cannot worry about as volume play. I can worry about. Well, worry is not the right word, but I can focus on being efficient. And when you're efficient, your profit margins go up. And I know for all my veterans that's the most important thing. I don't care who's doing the most deals, how. Well, let me see your P L what's your bottom line? Right? So I appreciate you guys again. Happy Holidays. I'm excited to give you part two of this coming out next week. If you like this episode and this is helpful, share it with two of your friends. I'd greatly appreciate it. And also if you are not yet watching on YouTube, you might want to start. There's going to be a lot more graphics coming. Go subscribe on YouTube. I'll see you guys on the next episode. Peace. It had to be you. Dang, you're not supposed to sound that good at karaoke.
- [18:49]
Dupixent
You've just only heard me sing all stuffed up with nasal polyps. But now I'm on this medicine and breathing better. So this is me with less congestion.
- [18:57]
Dupixent Dupilumab is an add on prescription maintenance treatment for uncontrolled chronic rhinosinusitis with nasal polyps in adults and children 12 years and up. It can help shrink your nasal polyps so you can breathe better with less congestion. Plus, it's an alternative to surgery oh.
- [19:11]
This is your song.
- [19:12]
Justin Colby
Wish I was singing after congested you.
- [19:15]
Dupixent
Severe allergic reactions can occur. Get help right away for face, mouth, tongue or throat swelling, wheezing or trouble breathing. Tell your doctor right away of signs of inflamed blood vessels like rash, chest pain, worsening shortness of breath, tingling or numbness in limbs. Tell your doctor of new or worsening eye problems like eye pain or vision changes, joint aches and pain, or a parasitic infection or asthma. Don't change or stop steroid asthma or other treatments without talking to your doctor.
- [19:36]
Do more with less nasal polyps. Ask your doctor about DUPIXENT.
- [19:40]
Learn more at DUPIXENT.com or call 1844 DUPIXENT.
- [19:48]
This is the sound of your ride home with dad after he caught you vaping. Awkward, isn't it? Most vapes contain seriously addictive levels of nicotine and disappointment. Know the real cost of vapes brought to you by the fda?
- [20:16]
Duluth Trading
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- [20:47]
Stripe
Stripe helps many of the world's most influential companies grow their revenue and build a more profitable business whether it's Hertz making checkout a smooth ride for their customers, OpenAI answering unprecedented demand, or PGA chipping away at back office inefficiency, Stripe's financial infrastructure platform helps companies achieve ambitious goals. No matter what success looks like for your business, Stripe helps ensure the complexity of financial systems doesn't get in your way.
- [21:14]
Capella University
Learn more@swepe.com Is it time to reimagine your future? The right business skills may make a difference in your career. At Capella University, we offer a relevant education that's designed to focus on what you need to know in the business world. We'll teach professional skills to help you pursue your goals, like business management, strategic planning, and effective communication, and you can apply these skills right away. A different future is closer than you think with Capella University. Learn more@capella.edu.