We’re sending you greetings from the North, because as you read this we are in Alaska with Ron and the Global Publishing family! Ron is so generous, he treats his folks to this amazing annual Alaska adventure. This year we’re joined by many Masters students, who were awarded the trip as part of a special deal offered by Ron. The weather has been great, the resort is beautiful, the staff is so friendly, everyone is loving it! Then of course the fishing has been awesome!
There is so much to do here, from float plane rides into the Misty Fiords to ziplining to touristy stuff like shopping, although of course the main focus is the FISHING! Ron has been coming up to the Salmon Falls Resort in Ketchikan here for 22 years now, and we’ve been with him a half dozen times. Ron even owned this resort for 3 years, and he hired us to create a really cool promotional video for it about 10 years ago. We’ll try to dig it up and get it on Youtube so you can check it out.
Now we’re from Minnesota, and as it says on the license plate it’s the “The Land of 10,000 Lakes”, so we’ve dropped some bobbers in some ponds! But this Alaska fishing for salmon and halibut is like nothing else we’d ever done, and it is so exciting! The more we’ve come up here with Ron, the more we’ve noticed certain key lessons that can be taken from fishing and applied to real estate investing (and life)! Here are the Wolff Couple’s 5 Lessons from Fishing!
Lesson #1: Be Prepared. You need the right training and tools to catch fish — or in our case, Sellers and Buyers. Marketing is our bait, the Opening Call is when you get a nibble…and the Closing Call is when you hook them!
When we asked Ron about his lessons from fishing the first thing he said was that you need to use the right bait or you’re not catching anything! The “right baits” are Unique Selling Propositions like “Sell Fast for Full Price”, or “No Commissions, No Closing Costs”, presented through signs, business cards, yellow letters, and other marketing methods. When you get a call, and especially a “Yes” on a lead sheet, you have a nibble!
Then it comes down to turning that nibble into a bite, and that happens on the all-important Closing Call! That’s when the training and tools kick in, by which we mean you skillfully use the right script. The better you are trained and comfortable using the scripts, the more success you will have. These Closing Calls often take some finesse, so we want you to watch Ron’s and our videos and Youtube calls to get more comfortable with the process. Then you reel the fish/seller in, and our net is the contract! When they sign that contract, you’ve landed another big deal!
Lesson #2: Know the Best Spots. Choosing your farm area, or “fishing hole”, is vital. You need to go where the fish are, where the sellers and buyers want to be. You need to find a good active area with flexible sellers.
We actually came up with the “Goldilocks Paradigm” of farm areas, or fishing spots. When Goldilocks first tries the three bears’ porridge, one is too hot, one is too cold, and one is…just right! So you want to find the sweet spot in your area that’s not necessarily the top neighborhood in town, but somewhere people want to live. A good thing to check is D.O.M. (Days On Market) on Zillow if listed there, which many houses are nowadays. You usually don’t want a property that just hit the market, you’ll have better conversion ratios on homes that have been around at least 30 days (generally the longer the better).
Lesson #3: Use Help, especially Trained Help. We’ve been to Alaska now so many times, and I noticed that the people who catch the most fish and don’t lose fish are the ones who actually listen to the fishing boat captain and carefully follow his instructions.
Fishing isn’t brain surgery, and neither is real estate investing.
Fortunately you’ve already found the best highly trained help, Ron and us are your salty old fishing boat captains! Just stick with us, follow the scripts and the checklists, and you’ll land plenty of whoppers!
Lesson #4. Battle through Pain and Obstacles. Last year Lynette caught a 17-pound king salmon, and just yesterday I caught a 125-pound halibut! Both battles involved pain and obstacles, so how did we bring in the prizes? It starts with the power of a made-up mind, that commitment that no matter what you’re going to see this through and achieve this goal, whether it’s landing a fish or a big check! Then throw in some positive expectations and a “never say die” attitude, combine it with practical training, and you have the right mindset to overcome any obstacles.
One of my biggest obstacles was actually Ron! These massive halibut take a lot of muscle and a long time to reel in, sometimes a half hour or longer. Now out of either sympathy for my struggle or fear of me losing this monster fish (probably more the latter), Ron was standing behind me saying I didn’t have to do it all myself and I wasn’t a wuss if I let someone else reel for a little while.
Now that sounds like a challenge to me, I haven’t been working out and doing yoga for the past 4 years to let someone else…jeez, is this beast ever going to come up? How much more, another 200 feet? Yes, your mind will inevitably go back and forth a little, but your commitment to yourself and your goal holds fast. You hang tough, you battle it out, and you’re rewarded when that prize finally rises to the surface!
This halibut was a gorgeous fish, the biggest I will ever catch in my life (most likely), and one of my favorite parts of it all was Ron’s pat on my back afterwards and his words, “Great job!” When we closed our last big shared deal with a Mentoring student (with a profit of $121,000), we also went through our share of pain and obstacles…and it also ended with Ron saying “Great job!” I’m still not sure which of the 2 compliments we liked better, but the real estate one comes with a boatload of cash!
Lesson #5: Landing the prize is the most crucial moment in the deal. When you have the terms essentially agreed-upon on the Closing Call, you need to get out there and get the house under contract ASAP. You don’t want to lose out on a deal, the same way that even though you got a bite the fish can still slip off the hook! You need to stay focused and do all you can to get that fish the last few feet into the boat. That means you set the appointment for that day or as soon as humanly possible, you prepare your contract (your net), and when they sign you have landed another BIG DEAL!
We want to see you landing your own big deals every month! We’re at all of Ron and Global’s Quick Start Real Estate Schools (doing live Seller calls and closing your deals), and lots of the other events too. That’s where we get to teach you how to “fish”! You know the old saying, “Give a man a fish and you feed him for a day, teach a man to fish and you feed him for a lifetime.” We hope to teach you soon, and help you create a lifetime of abundance for you and your family!