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1281 » Revenue in First Position

Something I learned from my good friend Tom Krol is the principle of putting revenue first in your real estate business. Whether you flip land or houses, coach, or sell widgets, you always have to put revenue in the first position. So what does that look like? Well, it can mean a lot of different things and I get into them here. It could be as simple as making a list of the most important things to do each day and getting them done.

I also talk about revenue generating activities and why you should make them your priority. Remember, if you’re not talking to sellers or making offers, you’re not bringing in revenue. Make sure those activities are on your list. Once you put revenue first, you can start making money hand over fist. Your business will start growing and you’ll have tremendous breakthroughs.

Listen and learn:

What’s inside:

  • Why you need to put revenue in the first position in your business.
  • The revenue generating activities you need to prioritize.
  • Info on my new program, Deals With Joe.

Mentioned in this episode:

Download episode transcript in PDF format here…

Joe: What's up, guys? Joe McCall, REI in your car and you can probably hear the turn signal. Just trying to show I started this podcast right as I'm in the middle of the intersection and so I just keeping it real, y'all. But I was thinking about something this morning that I feel like is very important for you guys to listen to. A good friend of mine, his name is Tom Krol. He's was the guy who started wholesaling a long time ago and he's sold that business eventually and he's kind of does while he's out of the real, he still owns a lot of real estate, but he's not really in the business anymore of teaching and coaching people out in the real estate. And he's got this thing that he does he talks a lot about and I want to challenge you with this thing, and it's called this revenue in first position. Everything you do in this business, hopefully I can get past this guy in time and get him. Yeah. Nice. So one of the things you you've got to think about and this is true for all business that you're in, whether you're in real estate or in the coaching business, whether you are in you sell Avon products or and people still sell Amway maybe, or, you know, whatever multi-level marketing thing that you're in or you're selling widgets, you're selling new construction, you're a realtor and you're selling houses, you've always got to put revenue in first position. And Tom Krol has been preaching this from the mountaintops for a long, long time. And I love it because what there's so many ways that this can apply to you and your business.

Joe: So if revenue is in first position in your business, are you going to be worried about your business cards and your logos and your LLC's and websites, your CRM? Are you going to be spending a lot of time here? I used to do a lot of stuff with Podio, and the joke kind of was with me and my friends like you show me an expert in Podio and I'll show you broke wholesaler. So somebody who's like really good at systems and software and knowing how to use all of this fancy tech stuff, as is revenue and first position for them. Now I remember one time I was working with a client, a student, I was helping him with Podio, not the course. I was doing a workshop and we were teaching people how to do deals in this workshop. And one of the things we talked about in the workshop was Podio, because that's what we were using at the time. I'm a big FreedomSoft user now and he was all excited like, Oh, let me show you my Podio set up. And he was showing me all of these really awesome, amazing things that his Podio thing was doing and it was amazing. And I was like, Wow, it's I was getting excited about this is so cool, right? And then so you show me all these stellar leads that he's got in there, and then he had an app that's like another section for properties under contract. And I was looking at it and there was like thousand seller leads but only a few contracts. And then those contracts were like demo or test, you know, they weren't real contracts. And then his section for his it's ad called an app in Podio, his app for actual closed deals was zero. And so I said, Well, wait a second, I forget his name. His name's Walter. You got a lot of seller leads. You got all this fancy automation that does this whiz bang stuff and it does like you press this and 20 things happened. That's awesome. That's great. But how many deals have you done? And he's like, Oh, well, you know, I've been trying to build this out first to get ready for when I start really taking this seriously. And I said, Oh, okay, that's awesome. But she seems like you're doing everything else except the stuff that's making you money. Like, how long can you go like this? And he says, I know, I know. Because he hadn't been talking to sellers, he hadn't been making offers. He'd just been doing some marketing to get leads so he could build this fancy software that can do these really cool things. Except the one thing that's most important making money, right. That's why we're in this business. That's why you're listening to this podcast. You want to make money. You're not just like listening to me because you like my voice and you like hearing clicking sounds for my turn signals, right? You're listening to my podcast because you want to learn how to do deals, because you want to learn how to make money so you can quit your job or work less or do something else or whatever. Right?

Joe: So you need to ask yourself, is revenue in first position in your business? Now, obviously, revenue should not be in first position in your marriage and your family and with your kids and you know, your relationship with God and stuff like that. But in your business, revenue should be in first position. So what does that look like? Great question. Right. Revenue in first position can mean a lot of different things. For example, you know, what's the first thing you do in the morning when you wake up? You've got a million things to do. You've got a to do list that's a mile long that's gotten completely out of hand, like that's me. All right? My to do list is ridiculous. I got all these things that I want to do, and I just write everything down that I want to do eventually. And it turns into this huge, gigantic, overwhelming, intimidating to do list. And I just get overwhelmed and start to break out sweats when I look at it. Well, here's what I do, what I'm thinking. What am I going to do today? I. Thinking. All right. Revenue and first position. What of the 20 million things I have to do today? What are the one or two things that I need to do that's going to bring in the money? One of the one or two things that's going to show me the money. Jerry Maguire. Right. And then that just brings boom with him real clarity. All right. I got to get this thing done today. This is the first thing I'm going to do today and everything else that important. Because, again, if I'm not making money, you know, nobody's happy. It's kind of like a mom is not happy nobody's happy. Well, it's like, yeah, if you don't got any money, honey, you're going to be broke as a rope. And what are you going to do then? So think about in your real estate business, what are the revenue in first position activities? Well, you know what it is? Number one, it's making offers. If you're not making offers, you're not making money. Well, how do you make offers? Well, you'd talk to sellers or how do you talk desires? You get leads. So how do you get leads? You do marketing. Well, how do you do marketing? Well, there's two or three or four things you should be doing, maybe just one or two things you should be doing. But direct mail, I mean, with vacant land, direct mail is the best way to get leads. So every week you should be sending out postcards 500 a week, a thousand a week or something, Right. Coaching some new students right now and one on one. I don't do a lot of one on one coaching, but these guys, it's like, awesome. I almost said shocking how awesome it is, but it's not shocking because I know this, but I, you know, it's I'm really enjoying doing the one on one coaching stuff because I'm really pushing these guys aren't like, stop asking these dumb questions about these dumb things. Just let's just do what's most important. Like in the first call that we have, we pick a market, we pull a list and we send out direct mail. That's it. Like, let's not worry about anything else. Let's put revenue in first position and let's start getting some leads coming in so we can start talking to some sellers, so we can start making some offers. That's all that matters. That's it. And if you don't like that, if that puts you out of your comfort zone. All right, well, maybe I'm not the best coach for you, and maybe we should be doing something else. Like, let's talk about football. You want to pay me a lot of money? I can talk about football, but it's not going to do you any good. Let's talk about golf. Let's go play some golf. All right. Yeah. Better yet, right? Let's go. Let's go do a bunch of marketing, make a bunch of offers, and then let's go play golf. So let's. Let's put money in first, revenue in first position. So that just means that for if you're doing houses or land, it doesn't matter. Right? You've need to be what are the things that you need to track like that are going to be and what's a measurement for revenue and first position. Well, it's how many offers you made in the last week. How many sellers have you talked to, how many, how much direct mail have you sent out? How many hours of cold calling have you done? How many, how many hundreds of dollars you put into Facebook ads or thousands of dollars, whatever, Right. You get what I'm saying.

Joe: So what are the revenue generating activities? What is your fastest path to cash right now? If you're not making offers, you're not making money. If you're not on the phone talking to sellers, you're talking to buyers, raising private money, whatever it is you're doing, you're not making money. So the biggest thing here and I'll let you go with this, the biggest thing I want you to be focusing on is putting revenue in. First position means what? For you? You know what it is. You just you need to write it down. And you know what? It's not write down, but to do not list and your to do list and to do not list is, you know, the silly things. Reading The Wall Street Journal, Joe McCall, checking Twitter, see what's going on in Israel, Joe McCall like that stuff is not important. That's not going to make me any money. I need to focus on revenue generating activities, which for me is making offers. It's a number one rule in business. Make offers, make offers, make offers, nothing else matters. And when. Okay, so like this morning, my example was I had to send out an email. I'm launching a new case study next week, this week. And that's like the most important thing. And how did I determine it was the most important thing? Because I knew if I get that thing done, it's going to produce revenue, it's going to generate income. So, all right, nothing else matters. Everything else took second place. Everything else took a backseat. And I just focused on that. And I got it done. I got it done. The emails have been sent out. Yeah, it's awesome.

Joe: So couple things here and then I'll wrap it up. Just write this down for And how does this apply to you or write this down? Revenue and first position came and then write down What are the fastest paths to cash for you right now in your business or multiple businesses? You may be like me and you have a lot of different businesses, you know, but write down what are they? What are the things that can generate the revenue the fastest? And you need to make sure that stuff is happening and focusing. And so then that business, that project, that product, that program, whatever it is that you're looking at doing, what are the revenue generating activities in behind that? So if you're doing land and houses and multifamily and. Whatever else, right? You've got your job or you're selling. I know a guy that's making five grand a month selling stuff on Facebook Marketplace like you getting free stuff and then selling free selling that free stuff on Facebook Marketplace making five grand a month. So what's his revenue generating activities? Well, it's not, you know, playing video games. It's getting out on Facebook every day looking for stuff and picking it up and selling it. So write down your these things. Another little tool that I like to have that I like to use, it's called the I would I call 531,135. Let's just call it five, three one. I forget. Write down like the top five revenue generating activities. Okay. And maybe they're not even all revenue generating, but these are like five things that you hope to get done today. Right. And then circle the top three most important ones. Okay. And then highlight or star the number one most important thing. What is that number one thing that's going to be your highest revenue generating activity. That's going to produce the most money the fastest. Now, that's your number one thing. So first thing you do. Only thing you do all day, all you need to worry about is getting that one thing done. And then you can do the other three things that were circled. And then if you have time and you probably won't, it'll still be done by the end of the day. We won't get all five things done. But guess what? You'll feel such a sense of accomplishment and pride and joy that you got the most important thing done and you're not in this dreaded thing at the end of the day, like a dart gun. And what did I do today? I didn't get anything done. And my bank account getting low and I just did stupid stuff. I put out fires all day and I go, Oh, I didn't get anything done. But instead, you can have this really huge sense of pride and accomplishment when you get that most important thing done. So do that. Five, three, one activity. Write down five things you hope to get done tomorrow morning. Do it tonight. What do you do tomorrow morning? Circle the three most important urgent things and then highlight or star the number one highest revenue generating thing. The thing that's rev that's going to be your revenue and first position activity. And that's the one thing you focus on. You're going to you're going to you can start making money hand over fist. You're going to start your business is going to start growing. You're going to start having tremendous breakthroughs. If you just think in terms of revenue in first position, that's the first thing you're going to be doing every day. All right.

Joe: That's it, guys. Oh, yeah, I I'm going to tell you one more thing. Go check out Deals with Joe dot com. We just opened it launched it the other day. It's my new program. If I had to start all over again from scratch with no money, what would I do to start doing deals? And it would surprise you. It's not vacant land, it's houses. I would start wholesaling houses. And so in this 30 day program called Deals with Joe, it's just seven bucks. I teach you what I would do to start making money in real estate with houses. Now, why houses? Why not vacant land? Because with vacant land, my revenue and first position activity is doing direct mail like you really need to do direct mail for vacant land. But with houses because there are so much demand and there's so many buyers with a lot of money looking to buy houses. If you have no money and you're just getting started, you want to do your first deal, I'm probably going to recommend you do wholesaling houses. So in my deals with Joe program, I show you how to do that. It's pretty cool. Deals with Joe dot com. Go there right now and learn what I would do if I had 30 days start all over again from scratch with no money in a brand new market. What exactly what I do and then just copy what I'm going to show you what I would do. Just copy. Do it yourself. Pretty cool Deals with Joe dot com. Appreciate you guys, we'll see you, bye bye.

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