Ep #329 – Karen Briscoe – Real Estate Success in 5 Minutes a Day
Here is some of what you will learn:
Understanding Parkinson’s Law
The power of habits
The Four Keys to Success
The importance of follow through
Consultative selling
Importance of affirmations
How action mitigates fear
The beautiful thing about habits
The importance of micro adjustments
To learn more about our guest please click here
To find out more about partnering or investing in a multifamily deal: Text Partner to 41411 or email Partner@RodKhleif.com
Full Transcript Below:
Karen Briscoe – The 5 minute Success Strategy (Ep329)
Intro: Hi! I’m Rod Khleif. Each and every week I record an interview with a thought leader that I know you’re gonna get a ton of value from. Now here on YouTube are the video versions of my podcast, Lifetime Cash Flow through Real Estate Investing. Now to make sure you get the latest information please subscribe and hit the notification bell. Let’s get started.
Rod: Welcome to another edition of “How to Build Lifetime Cash Flow through Real Estate Investing”. I’m Rod Khleif and I’m thrilled you’re here. And I know you’re gonna enjoy the dynamic lady I’m interviewing today. Her name is Karen Briscoe. And Karen wrote a book called the well she talks about “The 5 minute Success Concept” and her book is real estate success in five minutes a day. Now it’s geared towards real estate agents but the principles really apply to any business and that’s why I wanted her on the show. So I’m very excited to get into this with her. Karen welcome to the show.
Karen: I’m delighted to be here Rod and we have a couple of mutual friends.
Rod: Yes we do talk about that
Karen: Well so that’s how I met you was through our mutual friend Hal Elrod which I know you’ve had on your show
Rod: Right
Karen: And I was recently in San Diego at his best year ever blueprint which is a three-day symposium to you know set up for success for your next year. And I was in an entrepreneur day in a group with a guy who’s gone through your programs
Rod: Right
Karen: That’s how I was introduced to you and did a little bit of research what I got back and so here we are
Rod: No that’s a beautiful thing. Well you know I you know that I’m a huge proponent for the psychology of success and that you know that really 80 to 90 percent of your success in anything hinges on your psychology. Only 10 to 20 percent is there is the real estate stuff or with the Entrepreneurship stuff or you know whatever sector of whatever vehicle you’re gonna use to achieve financial success. So I love the fact that you’re on the show today because we’re gonna you know I know that a big piece of what you enjoy talking about in your book is about is mindset and psychology and so but let’s get into it. So you wrote the 5-minute success, real estate success in five minutes a day forgive me and this whole concept around success in five minutes can you talk about how you know how you got into this realm and maybe a little bit of your background that brought you to this place?
Karen: Well so as you mentioned my background is in residential real estate and I had achieved success at a high level pretty rapidly, made it to the Wall Street Journal Top Realtor team list and the top 250 in the nation and as nobody happens when people achieve and I love everybody wasn’t know how I did it right. And so I would share these stories I would share examples and they were sticky and memorable they were not just information but it was they were inspiring and people said that I should write a book and I would refer them to other real estate books and other investing books and other books on sales and business and invariably they all said they didn’t have time to actually read the book and I’m like okay we’ll do you have five minutes a day because really truthfully the idea that if you invest a small amount of time can actually have a huge impact. There’s this law called Parkinson’s law that says that limiting or restricting time can actually make us more efficient & effective. And so the other benefit of doing something daily and we can you know talk about that in relation to Hal Elrod in the miracle morning part of the miracle morning is to read daily and others don’t know what to read and so that’s where the idea of the real estate success in five minutes a day was born. It turned out to be way larger than that because the principles as you mentioned in the book the five minute success principles really apply to almost every endeavor. I have a podcast as well, The 5-minute Success Podcast. I’ve interviewed over a hundred people and they all find that everybody does these basic core aspects to the success principles. And so then it became really more about okay habits and mindset that really is limiting beliefs and mindset and motivation often in most cases lie with us. And so what can we do to change? And that’s when habit formation has really become one of my key aspects and helping people set up the habits. And people sometimes think that takes a lot of time and I’m like, again five minutes a day could have an impact
Rod: No kidding. Well no question. In fact in my live events I spend some time on limiting beliefs. We actually do an exercise on limiting beliefs because they’re so impactful you know we have these childhood beliefs that even sometimes subconscious that limit us you know there’s a reason beliefs would be the acronym for belief systems is BS because in 99% of the time they are you know we’ve had this emotional occurrence in our life that may just be subconscious but we’ve pasted emotional weight on it and we, our mine views it as factual. I mean I had you know I tell the story I got you know humiliated on the playground when I was young and it was traumatic for me and then bullies in my life and all this stuff that everybody’s experienced but it caused me to create this question which was how can I show them I’m good enough you know and which presupposed that I wasn’t good enough obviously and had a huge impact on my life both positive and negative and but in most cases it’s just negative but so no that’s very interesting and so let’s get into your you know there’s this this five-minute strategy that you came up with. I mean obviously you know you looked and it’s funny I was here you tell the story about how people would come up to you and say you know write a book and then you’d give them books and you know it’s just kind of resonated with me because I had the same thing happen to me and I used to do the same thing and finally did bit the bullet myself but anyway, so five minutes success talk touched let’s dig into that. So you know can you give us maybe a high level or should we start with on that?
Karen: Well so what it drills down to that I found is there’s really four aspects that are key to success long-term. And the first one is commit to get leads because if you don’t have a lead, you have nothing to do. If you’re an investor until you have a you know a property or a seller to work with or an investment to work with, you really have nothing to do
Rod: Right. So guys as it relates to this conversation, we’re talking committing to getting leads. So certainly you need seller leads, you need if you’re gonna syndicate or bring in partners or investors you need investor leads. So you know this is marketing and if you think that multifamily real estate doesn’t involve marketing you’re sadly mistaken. So this is a critical component which is why I thought it’d be valuable you know to have Karen on the show. So commit to get leads. So what does that look like?
Karen: Well so it includes systems because what I find that if you can systematize things, it’s back to similar to habits. If you create systems then you will be more likely to figure out quickly what does work and what doesn’t work and you will stay consistent and over time you’ll figure out again what’s working what doesn’t work. Market knowledge is part of getting leads because you know I’m an investor in properties myself and I have knowledge about which markets achieve a higher level return than others. That is a key aspect to getting leads and then the follow-through of it because I think also most people, they stop way too soon you know 80% of the sales is made after the fifth call and that could be the same for going and finding and you know investor money and as well as in finding the actual investments and most people give up way too soon. So the commit to get leads in terms of opportunities and ideas is an expanded way you mentioned David Osborne
Rod: Oh yeah before we started recording, I had David Osborne on the show for you guys if you haven’t listened to that episode it’s fantastic and he introduced me to Hal Elrod. And they co-authored miracle morning for millionaires but what were you gonna say about David?
Karen: Well because when I talked with him he doesn’t do lead generation like a you know a new real-estate age would or a new investor would. What he’s lead generating now is lead generating for opportunities and so it actually applies like I said very universally. So then once you have the lead whatever that lead is whatever you’re calling it, then there’s a consult to sell component there’s a process
Rod: Hold on it before we move on to that I know that that’s excellent, I want to circle back to some of the stuff you just said because I want to enhance to just look slightly or have you enhanced it. So you talked about systems and guys, any business is nothing but people and systems in fact right now in my thought leadership business I literally just had conversations yesterday with my sales team with my ops team to set up KPIs and systems because we’ve been working in the business. Now it’s time to work on the business. So I’m doing the same thing that you’re ultimately gonna have to do in this multifamily business, create systems. So I love that now when you speak to market knowledge in what context are you using it because in my view you know whenever you’re approaching prospective leads, your ability to educate them and about the market for example, I’m thinking educating them about a particular say a sub market to you’re interested buying in, that’s where my mind went but I don’t think that’s probably what you meant by that. What do you mean by market knowledge?
Karen: Well what brings value ultimately
Rod: Good question good question
Karen: Why? like for example I have an investment property that’s in a really great School District and it always brings a higher value. Another one now I paid more for it. So then determining what those values are and then also applying what I call New York, New York. So if you know a market brings a certain value and you want to recreate that, then go to other markets that have similar attributes and once you can distill down and drill down to what is it that creates the value, then you can look for those, I mean that’s how you know real estate development is for over time but sometimes people don’t realize that they can do that too by understanding their market
Rod: Let me enhance that as well if you, just because I want to kind of I want to translate it into how it really applies in this business because we just did this with my coaching students where we having them present specific sub markets and that’s exactly what they’re doing. They’re showing how those markets are valuable like we just did one on Kansas City and what’s great about Kansas City, the top employers that are there it’s known for the best barbecue and on and on and on and you know so having that knowledge when you’re communicating with leads you know puts you and put you in a position of authority and it gives you an ability to influence. Is that kind of where you’re headed with that?
Karen: Absolutely. But it also can help you identify emerging markets
Rod: Oh for sure
Karen: I mean think about our Starbucks does it right. I mean Starbucks is going out ahead of you know trying to figure out what are the emerging markets and so if you understand what the different sub markets bring in terms of value return, then you can go find those yourself but that requires what I call some feet on the street you know sometimes and it also requires knowing what those unique characteristics are
Rod: Yeah so you can articulate them and sell them as it were for lack of a better word to your prospective investors and other people on your team. Fantastic, so the third one will is follow-through and I just want to put an exclamation mark on that word for my listeners because I will tell you you know in my, we had my multifamily boardroom mastermind we had about three billion dollars that are there in this group and we met a few weeks ago in and one of the things that came out of that you get all these little nuances when you get like minds together but one of the things that came out of that was a lot of these guys got their deals in this hot market, they got their deals by staying on top of and reconnecting with deals they thought were gone. And that in other words that equals follow-through. Same thing applies with any lead of any sort. If it’s an investor, you’ve got to be keep them warm, you’ve got to be you know in front of them sending them emails, market information, educational pieces whatever and that’s the key with brokers it splits follow-through with investors it’s follow through with any as it relates to this business so just want to hammer that home. So thank you for humoring me on that Karen. So the next one you’re gonna talk about habits can you can you expand on that one
Karen: Well I just want to share a thought about that. My father he invested in antique cars for many years and he was telling a story and he was sharing that there was this one particular Maxwell sports car that he wanted it was called a roadster and he had talked to the seller of it and the guy he had offered a price and the guy said not selling you know not now not ever and my father said he did something really interesting he put a tickler in his calendar for one year to the day and one year to the day he went back and the guy situation had completely changed. His wife was not in good health he was like you know what if you bring the money today, I will sell you that car. So the strategy is of the follow-through I can’t tell you that’s a great idea actually but I can’t tell you what it is but whatever it is to just know that at some point that seller probably will become a real seller and
Rod: You bet. Let me give you an example. A related example to multifamily in that boardroom I’ve got a guy named Glen Gonzales. He has 4,000 plus doors. He met a guy 10 years ago, they did some business deal I don’t know the exact detail but he stayed in touch with this guy and they befriended them. And he bought 1700 doors from this guy because of the follow-through and I mean I give you numerous examples of this guys but what you just said is well if you’ve got if you’re doing a direct result or campaign. Let’s say you’ve got somebody making outbound calls and they call and say hey you’re interested in selling and they say no. They should always say can I call you back in a year and see where you’re at? you know so very good awesome. So the next one then?
Karen: Well the consult to sell or conversion some people call it I mean you still have to that lead through the process right because comes out on the other end because you take them through a process. So there’s some people that are you know great at getting the leads but they lose it
Rod: Gonna convert them yeah you’ve got to take them from a contact to an investor or you know so let’s gear this towards bringing in investors
Karen: Process is a skill and that’s something that you obviously afraid at and teach it sort of necessarily to belabor that but just know that it is because it’s a skill it can be learned right
Rod: So let’s give some examples. So you know what you would do and I would recommend is to have an education based framework. So you know when you’re talking to somebody a potential investor you would of course wet their appetite and say hey you know if we can get a return of 12-13 percent you know do you know anybody might be interested and then if they have an interest themselves and then you know you educate them. You can use the sample deal package to show them and say if I find a deal like this might you be interested but then you start educating them about the sub market. And I was just talking about that you know we had our students one did Kansas City another one did Boise, Idaho and they’re selling us on that sub market and you’re gonna have to do the same thing with your investor. You’re gonna have to you know let them know why you love Des Moines, Iowa and what’s great about Des Moines, Iowa and then again as it relates to the follow-through then you’re sending emails that that talk about how amazing Des Moines Iowa is and you’re in you’re staying in and you know you got some sort of a tickler system like your dad had Karen and you know now there’s great CRMs out there that are free or practically free. There’s Zoho, there’s Insightly, there’s really simple systems or even an Excel spreadsheet. But I mean with the CRM that are out there right now why even bother with an Excel spreadsheet but use a CRM to have that follow through but love it. So you’ve got to convert them and you convert them in my opinion the best way is through education would you agree?
Karen: Absolutely that’s why I actually changed it from conversion to consult-sell because when you have a consultive approach, then you are educating them but one thing I was hearing you what came to mind is you have to have him in your classroom to be able to educate them. So that’s why the lead generation is important I think some people are good at the consulting or the educating portion but they’re like they don’t have anybody to consult
Rod: Right no you know what and since you brought that up I just thought of something guys I will tell you that a great way to build that investor list is to set up your own little thought leadership platform because you’ve got to have you know for lack of a better analogy you have this funnel and you have to have a lot of people coming in the top of the funnel that you work through these other steps to get you know to become an investor. We’re just using investors in this example but this could apply to really any type of a sale or a relationship that you’re building but you’ve got that people come in the top of the funnel and one strategy for that you know is to start educating through YouTube or do a podcast or write a book or you know a lot of the people that have been on my show are writing books or they’ve got their own Facebook group now or whatever it is to do that prospecting piece committing to getting leads that’s, I’m just giving you strategy here really for that number one on your list here Karen is as some concrete examples of how someone might commit to continuing to have those leads coming in
Karen: Yeah it’s a continuous pipeline but what often happens is that they’ll get them through the process and they will then go back and start all over again. Aand that creates what I found is like what a hamster wheel. So they’re only as good as their next deal and that’s where the next component of connectable to grow comes in and where you create a scalable ongoing Enterprise just something that you teach and is really key because it’s looking at the macro, looking at the big picture but also looking at the micro and you mentioned the working on your business. This is the working on your business aspect too
Rod: Right and you’ve got to set it up otherwise it’ll never be a business. It’ll just be you. You’ve got to set up those systems and what’s amazing with technologies, you can automate a lot of this. I mean you know we use software that sends the emails to tens of thousands of people a week and in it and it personalizes them and you know and so technology is so amazing to systemize this follow through to systemize even the top end of the funnel and to keep you know to keep your business thriving because what will happen a lot of people will focus on and I’m sure you’ve seen this Karen, will focus on one piece of this like maybe getting leads and then they’re not staying on top of the conversions or then they work on the conversions and they forget to have more leads coming in and it’s as you know and you’re kind of you know taking one step forward two step backward and I mean I know this because I went through this when I was a real estate broker I went through this when I was a real estate broker as well as you’ve got to have the deals coming in the door and the same thing applies for investors. So anyway
Karen: Yes absolutely and that’s how you get off the hamster wheel or some people refer to it as a rollercoaster. The dips in the business will even out the more you systematize and so it seems counterintuitive that to working on your business is actually going to make working in your business better but it really is true because the people who you know get up into the higher levels and look down on their business or also join masterminds and seminars and learn beyond your the only, otherwise you’re going to hit these ceilings of achievement and as soon as you start to hit the ceiling of achievement in your life and your business that’s when you really need to look outside yourself. It may not be your same industry that’s one thing that I love about masterminds that are in other industries because then you hear new ideas and new ways of thinking podcasts are great for that, webinars are great for that, but to get outside because you will only achieve at the level that you are if you’re the one leading the business
Karen: No question no question and you know I you reference masterminds and whenever you get you know different people in a room and now you’re talking about you know bring different businesses entirely which is very very powerful as well because you know what works for marketing in one business you know may have never been thought of in your business and to bring that in is very very powerful that, met a guy named Jay Abraham or if you know he means a marketing genius that’s brilliant just basically bringing different marketing methodologies from one business sector to another but the masterminds are fantastic for that and so what’s next? So you set up the systems and you’re working on the business which is critical and I know that’s hard for some of you to think about that haven’t even started yet but I’m telling you for it to be a business you’ve got to do that piece ultimately so what’s after that?
Karen: Well so actually if you visualize a Venn diagram so those are the three circles of the Venn diagram and then surrounding it all is what I call success thinking activities and vision. And the reason why all three are important is you first have the vision of where you want to go what you’re creating. You think about how to do it you still have to do the activities. I hear some people you know say affirmations and visualization and I’m like all of that is powerful, it still requires action
Rod: You actually have to do something too
Karen: You actually have to do something. The seller is not gonna magically appear. Now I have a thought on the law of attraction that is a little bit different than some people and that is some people I think believe that you attract the law of attraction you’re sending out to the universe what you want to receive and then it’s kind of a matchy-matchy like it comes back exactly that way. I believe that the energy or the activities of putting out into the universe will then open up the universe to say, oh that person is ready willing and able to receive and it may come from a different place than where you had anticipated. But you’re opening yourself up for it but I see that the opening up comes mostly in action and in activities
Rod: No question now. I’m a huge believer in the law of attraction and what you just said resonated because you know I had very clearly defined what I wanted in a woman and I’d written it out in exhaustive detail but I wrote that I wanted 5’7 latina and I ended up with a 5’10 black woman but I got everything else it was just funny when you were saying that it was just funny because it resonated with me. Now I totally believe in that and I’ve got vision boards here behind me and I’ve got pictures of things that I want on the wall and it served me for decades and I have you know that’s how I recovered from losing 50 million dollars by focusing on what I wanted and having pictures around me but you gotta take action. I mean I have to do something you know and that’s where that movie “The Secret” kind of you know messed up in my opinion. They it talked about you know the important stuff yes I believe in the affirmations. I do it all the time when I’m jogging. I do have affirmations, incantations and I have pictures and all that business but you actually have to take action
Karen: I think that the action itself is very powerful because first of all a lot of times people who are not in the right mindset, they’re stuck maybe perhaps it is in the limiting beliefs but they’re stuck in some way and one of the fastest ways to get unstuck is to get moving
Rod: Is to actually do something love it and you know what else is, action actually mitigates the fear. The fear gets bigger with no action, it mitigates when you take action. So it’s counterintuitive. No I love that you said that so guys you know those of you that are sitting here on the fence not sure you know you know has you know fear or worse and comfort you know take do something. Call a broker, you know talk to your friends about this business, go out and evaluate a deal just do something and you’ll see that that very action will mitigate that fear and start that process it’s like the saying you know take the first step the next step will be revealed you know I like the analogy that you can drive all the way across the United States at night seeing only 50 feet in front of you, you drive those 50 feet you see the next 50 feet and you know the same thing applies to achieving big goals or getting, you got to get started love it
Karen: You gotta get started and then I would say along the same lines is that and it’s a word Buffett quote is but ultimately there’s one investment that supersedes all others and that is invest in yourself. So I think of myself as I am my greatest asset. My ability to create value and create strings of income and create opportunities and to create ideas and create relationships and create connections, that is the highest return I have ever received, achieved on anything. I think that a lot of people they look at you know educational programs such as yours and opportunities such as yours and masterminds and they look at how much it costs and I’m like, that is the wrong focus look at the potential return.
Rod: I love it and you know it’s obvious that you’ve embodied these success principles and you know I know you’ve been in Hal Elrod’s environment for three years. I love Hal. I’m so grateful that David got him connected to me and we got him on the show and I’ve given away as I told you before we started recording hundreds of copies of the miracle morning to my coaching students and I’ve got students that have done it. I’ve got one guys done it for three years straight and never missed a day and so you know totally and what’s awesome about it is it’s a daily practice to work on yourself okay. So you’re embodying what you’re what you just said and you know and most successful people I’ve ever met have a morning ritual. They do something consistently and I would call it a success habit and you know if you want to be successful, you’ve got to develop habits for success whatever they are. Be it you know and every piece of this thing we just went through with you this are these are really habits that you know committing to getting lead, setting up the systems, you know becoming knowledgeable about your market you just you know you have to habitualize this. Now we all have bad habits but you’ve got to you know if you want to be a success you kind of embody habits that are gonna propel you to that success.
Karen: Well the beautiful thing about habits is that it doesn’t require willpower. See I think that people are waiting for to feel like doing it and I’m like, that may never happen. Another great quote “People do not decide their futures, they decide their habits and their habits decide their futures” Setting up a morning routine habit is a way to set up a better future for yourself because as the morning goes and in most cases as the rest of the day goes. And so it’s really nothing more than a few simple disciplines instead of waiting for you to feel like doing it, set up the habits create the disciplines and then they will propel you into the future
Rod: Even if it’s small stuff guys, you know if you commit to doing it for 90 days, you’ll do it the rest of your life. I don’t care what it is but you know just make it you know I get another book that I give to my coaching you students is “The Slight Edge” about little micro decisions and things that you do every day that you take them out a year, three years, five years, they’re massive shifts in your life. So you know it’s along the same lines but beautiful
Karen: Well it just takes five minutes a day
Rod: That’s it
Karen: Five minutes a day you will start to achieve a higher level success in your business and your life
Rod: Love it love it. Well listen Karen, I’m very grateful that you were on the show I know that you’ve also got a podcast what’s your podcast called again?
Karen: So it’s very simple, it’s the number 5-minute success
Rod: Five minutes success very simple alright listen Karen thank you so much it’s been it’s been a hoot and really grateful that you took time out of your day to be on my show with me
Karen: And my pleasure and here’s to your success Rod
Rod: Thank you thank you take care
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