How To Succeed Massively At Real Estate And Stay On Top / Peter Lorimer - The Creative Entrepreneur Podcast

Greetings and welcome to the Creative Entrepreneur Podcast, I am your host Peter Lorimer, former hit record producer, now host of the show Stay Here on Netflix and owner LA’s most creative Boutique real estate firm, PLG Estates.

The essence of relevancy involves staying apprised of the current happenings. Meaning, you have to know what's going on all the time. It takes daily work--we should always be evolving and changing.

Because, if we aren't moving forward--we're moving backward.

To stay relevant, you should constantly be working to know every piece of your craft. Learn and dive all in with it. Next, ACT. Don't react. People hire you for your value-add, and as a real estate agent, a big piece of that is predicting.

Take control of your marketing. If you aren't spending money online, carving out your digital identity - it's a matter of time before you become irrelevant. Ultimately, it's about getting in front of people. And creating content for others about you gives them context when they actually do meet you IRL.

The fundamental cornerstone of everything: Give it all away. Freely. It works better than anything you could imagine (and it's the right thing to do).

It's been the biggest gamechanger in my entire career. Give it away, with your spin on it.

Own who you are. Ok, let's get into it, friends. Here's this week's episode of The Creative Entrepreneur.

Golden Nuggets From This Episode:

[03:50] “handing over our imprint to other people to do it, handing over our marketing, you know, our footprint, our digital identity to someone else fills me with absolute terror”

[04:59] “you got to be able to predict what's coming, your clients are counting on you to be able to predict what is coming down the pipe”

[06:28] “if you are not spending money online carving out your digital identity I believe it is a question of time before you become irrelevant.”

[10:24] “helping someone paying it forward whatever the buzz phrase is not only does it work, my God it works better than anything you could imagine! But on top of that,  It's the right thing to do it makes me feel good it makes me feel like I have a happier life”

Thanks for being here,

 ❤️ PL

Shhh: The Secret Way to Buy or Sell a Property Anonymously | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "How can my client buy or sell a property anonymously?" Frank J., Los Angeles

This happens quite often in the celebrity world. Most of A-listers don't enjoy the world knowing when they buy a new home. I've gone through deals like these with several clients.

It's not possible to anonymously buy a property. So here's what you do:

1. Get an attorney who can help.

2. Take the title in the name of an LLC or a trust

For example, I have a client who owns multiple properties. He doesn't want the world to know they are his, so he takes ownership with an LLC. That way, when someone searches his name, no one can tell who owns it.

Thanks for your questions, keep hurling them this way!

❤️ PL

Increase Your Short Term Rental Income | Yvonne Kandi Radio Podcast

Chatted with Yvonne Kandi recently and we covered my past, present, and my top tips for short-term rentals.

As a kid, we had three options (basically). Sports, crime, or music. I chose music - had a path there. In the mid-eighties, I was in a night club at 14. I discovered my muse there, one of the loves of my life - house music. I dropped out of high school and ran straight towards that and did it for around 16 years.

After a decade and a half, I needed my next move. Seeing Los Angeles as a lucrative market for property investing, I started investing in properties in areas that I thought would pop. As I invested, my music + creative tribe began to reach out.

I dove into real estate, and we've gone from 2 agents to 200 agents.

Tips to increase your short-term rental income:
✨ FIRST, investors, buy properties in AirBnB-friendly cities.
✨ Your guests' experience is paramount. Anticipating what they might need will directly correlate to amazing reviews, and in turn, results in a better ROI. Good practice to do this - send a questionnaire a week before they arrive.
✨ Don't look for the cheapest way to do stuff, look for the best way to do stuff.

Give it a listen for more! Thanks for being part of the rebellion and for being here ❤️ Peter

12 Rounds With Tyson / Peter Lorimer - The Creative Entrepreneur Podcast

Greetings and welcome to the Creative Entrepreneur Podcast, I am your host Peter Lorimer, former hit record producer, now host of the show Stay Here on Netflix and owner LA’s most creative Boutique real estate firm, PLG Estates.

Your first two years in real estate are going to be awful. You're going to be full of doubt and fear. And every time you pick yourself back up, you'll get punched back down.

For at least a year.

For twelve months, expect to get knocked down. Which is why I always recommend that aspiring new agents stash at least a year's worth of living expenses away before jumping in.

You'll likely eat ramen noodles for an entire year. I did. Nevertheless, you have to make it 12 months before quitting. It's a benchmark. I've seen it happen time and time again - agents want to quit so badly, and right around that year mark, they land their first deal.

You will hear a lot of negativity - namely from yourself. Block it out. Expect the negativity to become fainter, and get prepared for doubt to show up. But don't give up.

Because at 12 months, the seeds that you planted for a year begin to turn into sprouts and grow. And then you have a client base to nurture. Don't lose faith.

To get yourself through that dark first year, set goals. And maybe not actual dollar amounts. Try setting goals like "get out of debt" or "go to Disney World", etc.

You want to lie down at night knowing you squeezed every bit out of the day that you could. So, even when you get knocked down, get back up and keep punching.

Golden Nuggets From This Episode:

[03:08] “your first year to two years is gonna be like getting in the ring with Mike Tyson you are gonna  have your head smashed in

[04:13] “Look at your first two years as an apprenticeship and try and have at least one year's money stashed away.”

[06:46] “you just got to last 12 rounds which equates to 12 months right? You gotta last for 12 rounds because if you don't last 12 rounds Tyson's gonna win the match”

External links

Three Feet From Gold

Thanks for being here,

 ❤️ PL

Massive Real Estate Crash 2020? Explained.

I'm hearing a lot of buzzing these days regarding the real estate market and what may be in store. Even some giants in this industry believe a downfall of some sort is impending. Give this video a watch and see my thoughts on exactly when the crash will happen, and if you make it to the end of this one, I leave you with some interesting opinions.

I'd love to hear your thoughts about what's coming. Let me know what you think in the comments.

What The Heck Is A Real Estate Prelim? | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "What is a preliminary title report?" - Melissa C.

A preliminary title report is a precursor to the title report.

Here's what you do with it.

Agents, when all transactions open, you get a preliminary title report - most likely issued from escrow. In every single one of my deals, I send my preliminary title report to my title officer. Even if he's not the title officer on this particular deal - I ask him to look it over. These reports can be covered in landmines and things that are easy for the untrained eye to miss. Make sure you bring in an expert-level second pair of eyes to check out your preliminary report before moving forward.

As usual, wonderful question. I'm really enjoying working through all these. Keep sending them in!

Thanks for being part of the rebellion and for being here ❤️ Pete

Want to join my mailing list?

Send me your deets here: https://peterlorimer.com/contact-plg-1

Airbnb Bliss: Top 10 Cities Where Vacation Rentals Rake in the Most Cash via Realtor.com
image-62.jpg

The short-term rental market is going through its first big push back from legislators and communities. As popularity for short-term rental investments rises, some markets are becoming saturated, and, as a result, neighbors and other's affected by the influx of tourists in their communities (as well as the rise in home prices) are becoming more than disgruntled.

It makes sense. But, does this mean the time has passed for short-term rentals? Not by a long shot. We are still just beginning. What it does mean, however, is that you need to do your homework. If you're looking at purchasing a home as a short-term rental investment, there are some things you need to consider prior to doing so.

👉 How much can you get for a traditional, long-term rental if legislation makes that necessary?
👉 Is the market saturated?
👉 Can you match or beat competitors' prices?

Consider those, along with the data and rankings found in this article, and you can move forward in getting a slice of the short-term rental pie. For the full article on Realtor.com click here: https://www.realtor.com/news/trends/10-best-cities-to-own-an-airbnb-rental-property/

HELP!! What's the Difference between Pre-Approved vs. Pre-Qualified for a Loan? | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week the question is, "What is the difference between pre-approved and pre-qualified?" Claire D. Stockton

Great question. There's a huge difference between the two, so I'm happy to get into this one.

👉 Pre-qualified: Your lender does a bird's eye view of your credit score, employment history, and income. He or she then uses that information to determine what sort of loan you could qualify for.

👉Pre-approved: You work with your lender, going through every stage of actually getting a loan, right up until the home appraisal. Your lender gets everything needed to get you through underwriting, making you almost as good as cash in terms of buying power. Check with your lender on this, but in some cases, once you get through pre-approval, you may be able to remove the loan contingency from the offer, making your offer much more desirable to the seller.

As always, thanks so much for your questions.

Thanks for being part of the rebellion and for being here

❤️ PL

The Secret Sauce / Peter Lorimer - The Creative Entrepreneur Podcast

Greetings and welcome to the Creative Entrepreneur Podcast, I am your host Peter Lorimer, former hit record producer, now host of the show Stay Here on Netflix and owner LA’s most creative Boutique real estate firm, PLG Estates.

You can reset your mind every. single. day. And it starts with gratitude.

I'm a chronic optimist. Of course, darkness comes. That's why this is a skill.

My early days of sobriety taught me to have gratitude. To love and be grateful for what's in front of me.

Because life is full of surprises, some days start on a negative foot. So this next tip will give you the tools and mindset you need to power through that doom and gloom that happens from time to time. Start your day with writing down 10 things you are grateful for. This will reset your mind. The fact that you woke up in the United States of America will give you a handful of items right off the bat.

We work as hard as we can, going in one direction with patience and energy and gratitude.

It's a choice. It doesn't always come easy. And the reality is, you'll have adversity. Moments will be scary. But remember this: adversity is the cornerstone of success. If it were easy, everyone would do it.

Starting out in real estate is grueling. When my wife and I started out, we didn't take a breath. We worked HARD. Why? It has little to do with money. We love what we do, we love those that we work with, and we ultimately and absolutely love our children.

I know what I want to see when I look back at my life. I want to see more time with my family.

Remaining in optimism can be tough. But we have to stay in it.

Golden Nuggets From This Episode:

[04:00] “starting your day by writing down 10 things that you are grateful for will reset your mind”

[06:17] “waiting for divine intervention doesn't mean kicking back home on your sofa watching Netflix, smoking a doobie!”

[07:17] “adversity is the cornerstone of success if it was easy everyone would do it”

[09:49] “I am lucky that I see my children all the time, I make sure that I have a schedule where I can have dinner with them seven days a week”

[11:25] “Negative thoughts are like bullies, if you listen to them, they kind of got you cornered!” 

  

Thanks for being here,

 ❤️ PL

Individuality is the Key to Success | Agents of Compass Podcast

Ivan and I had a candid conversation on Agents of Compass. I get pretty stoked when I talk about things like authenticity, boutique real estate, social media, and staying out of expectations. We covered all of that and then some.

Starting out in real estate was brutal (I'd been licensed for about 5 years before I even tapped into some big name clients). One of the best things I ever did for myself and my career was divorce myself from expectations. I learned to bust my ass and not worry about the results. I figured out how to do that and have never looked back.

Social media brings me about 90% of my business. Social media = prospecting. First and foremost, you must be authentic. Reality check, friends. People will ALWAYS smell bullshit.

The only thing worse than not doing social media is doing vanilla social media. That tells your consumers you don't care, and they'll move on to someone who does. The resurgence of boutique real estate companies (and other companies) is a rebellion against vanilla.

Other points from this episode:

  • Individuality. All agents need to take charge of their own digital identity.

  • Toxic clients. I don't want to work with people that don't want to work with me. I'll never compromise who I am to work with someone.

  • Trade secrets. Knowledge is never, ever owned. It's borrowed, and it's our duty to hand it off.

Give this podcast a listen and get fired up with me about staying uncomfortable, authentic, and out of expectations.

Setting Intentions / Peter Lorimer - The Creative Entrepreneur Podcast

Greetings and welcome to the Creative Entrepreneur Podcast, I am your host Peter Lorimer, former hit record producer, now host of the show Stay Here on Netflix and owner LA’s most creative Boutique real estate firm, PLG Estates.

I love digital. But I'm about to bust out something analog.

Let's dive into how I set intentions. I've tried every note-taking app that exists, but honestly, what works for me is (drumroll, please) a pen and paper.

I can keep a lot in my head, but it's incredibly powerful to write something down. Before becoming a real estate agent, I wrote down my goals. They were lofty goals, such as becoming the number one real estate agent in my area, getting married, etc. I lost the book. Several years later, we found it and lo and behold, I'd met almost all of them.

Grab your notebook and pen, write down how many transactions you want to do, how much money you want to make, your health goals, your travel goals, etc., etc.

If you can't handle something as archaic as pen and paper, I love Trello. Either way, the most important takeaway is this: set your intentions now for the rest of this year and the year to come. The longer you delay, the longer you wait to get started on the path.

Give this podcast a listen and take the rest of the year by storm.

Golden Nuggets From This Episode:

 

[03:33] “There is something incredibly powerful about writing goals on paper”

[05:12] “I'm famous for saying paper is dead, well paper is dead, unless it's in a Moleskine”

[06:41] “if you set your intentions now the giant wheels in the machinery of the Universe will begin to run the cogs together to enable that path to be opened, the longer you delay the longer you wait to walk down that path.”

 

External Links:

Trello

Moleskine

  

Thanks for being here,

 ❤️ PL

What is a Referral? | MailBag | Q&A

You ask questions, and I answer them. This week the question is, "What is a referral?" - Ronda B.

A referral can actually be a couple of different things:

  1. Person to person: Someone in your client base or sphere of influence refers you to someone else. You can't compensate them with money, but you can take them out to a nice dinner.

  2. Brokerage to brokerage or agent to agent: This is when an agent or brokerage refers an agent to another agent or brokerage. This typically happens when a real estate agent moves to a different city or state. Money can be exchanged in this situation.

Thanks for your questions, guys. I'm having a lot of fun answering these. Feel free to DM me on IG with your pressing real estate questions.

❤️ PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

The Business Of Short-Term Rental With Peter Lorimer from the Netflix Original Series Stay Here

I recently had the honor of being interviewed by Heather Bayer on her podcast, Vacation Rental Success.

We talked about my jump from the music business to real estate in LA.

We also dove into Stay Here.

One interesting thing Heather brought up was the difference between Stay Here and other home-makeover shows. Stay Here is primarily business/marketing/design focused, but we also consciously left out any mid-show drama (hot water heater breaking, roof leaks, etc), because we really desired to create an entertaining show that shared information based on our expertise.

If you've been around, you know that giving away is part of my niche. And that's why the short-term rental space and Stay Here fits so well into what I do. It gives to both parties involved.

And to that note, here are some helpful tips covered in this episode:
- If you are an owner with a limited budget, focus on cleanliness above all.
- To add to the above, use purposefully chosen (preferably new) furniture
- 🚫 old linens 🚫old furniture
- Experience is at least 50% of this business
- You HAVE to have your own social media profile for your STR, and the name should explain the property
- Just starting out? Where should you buy? Buy the property surrounded by the greatest amenities.
- Who is your target market? Listen to your space. Your space will usually dictate the crowd.

Finally, I'll leave you with this: Go after your niche and go after it hard.

Thanks for being part of the rebellion and for being here ❤️ Pete

For all of Heather’s Podcasts click here

Kill Vanilla / Peter Lorimer - The Creative Entrepreneur Podcast

Greetings and welcome to the Creative Entrepreneur Podcast, I am your host Peter Lorimer, former hit record producer, now host of the show Stay Here on Netflix and owner LA’s most creative Boutique real estate firm, PLG Estates.

You can always count on this: things change.

There's nothing to fear. We are no longer at the mercy of traditional ways to get our business discovered. Outbound engagement is your tool for staying on top. It's no secret that I prefer video, but there are plenty of other formats to get yourself in front of your tribe.

If you don't love being in front of the camera, get behind it. Create vlogs and documentaries that give your audience a 360-degree view of who you are.

Love to write? Don't forget blogs.

Love to talk? Maybe podcasts are your thing.

Either way, you have to start showing people who you are, because commonalities create connections (read: running towards your tribe).

Vanilla is pervasive, especially in corporate industries. That's okay, though. That means we can stand out; more business for us.

Don't have the numbers you want? Grind. Get up early and work late. And rest in this... it'll all change soon.

 

 

Golden Nuggets From This Episode: 

[03:33] “proactive agents or proactive business owners are the people who have outbound strategies”

[04:11] “Those of us that take control of our professional destiny's and don't just leave it in the hands of others, in my opinion, will prevail, this is like a Game of Thrones episode!” 

[09:07] “The world has completely changed, so surely so should our strategies”

[11:44] “so the three things that drive the real estate industry: interest rates, buyers, and sellers, everything is lined up. The planets aligned to make the glory years. For those of you who are in the industry now who don't have the numbers that you want, this is the time to grind.”

[12:36] “change always comes! It will go from good to bad and then bad to good and vice-versa”

  

Thanks for being here,

 ❤️ PL

What is A Dual Agency? | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week, the question is, "What is a dual agency?" - Tristan Y.

A dual agency is where you represent the buyer and the seller. I believe this is incredibly dicey--and honestly, this is where a lot of the lawsuits in regards to real estate live.

Tread carefully; transparency is EVERYTHING.

The best advice my lawyer ever gave me: If you ever find yourself wondering if you should disclose something, then you should absolutely disclose it.

Unless your seller really wants you to be a dual agent, I'd recommend you only represent the seller.

❤️ PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

Mia La Maven Charity Poker Tournament

My motto is "pass it on". Knowledge is never owned and it's our duty to pass it on to the next person.

I learned to pass it on when I was a record producer. I watched, and here's what I saw: there were always two types of people in the industry--the first type said, "don't touch a thing," and the second type said, "use whatever you want." The second type became massively successful.

I think the world is changing. My policy is to share EVERYTHING. If you're worried about people taking what you have, you're going to lose it. There's more than enough for everyone. I'm not in charge, I just get up and work REALLY hard, and try to help as many people as I can.

We can't manipulate the results. I've logged a ton of business hours, and I've learned that nothing is THAT important. Life-changing deals are never life-changing.

Another thing, wealth has barely any association with what's in the bank. Money isn't the aim, it's the by-product. When I was selling houses to celebrities, I at first was fearful of making one wrong move. I learned to speak to them as a friend. I gave it to them straight - as a friend would. The art of sales to me is NEVER to sell. I treat my clients as extended family members. Because, at the end of the day, what matters to me is the people in my life and the experiences that we have together.

I say this to my agents all the time: "You can never do anything wrong; the only thing you can do wrong is worry that you're going to do something wrong."

Live out of faith (not fear), and keep your head out of the results.

For more info on this wonderful cause please check out:

instagram.com/thejacksteven

instagram.com/poker4lifela

https://www.mialamavenmedspa.com/

The Art Of Execution / Peter Lorimer - The Creative Entrepreneur Podcast

Greetings and welcome to the Creative Entrepreneur Podcast, I am your host Peter Lorimer, former hit record producer, now host of the show Stay Here on Netflix and owner LA’s most creative Boutique real estate firm, PLG Estates.

Stay in action and stay in execution.

How do I do this? Admittedly, blindly. I do the next thing on my list. Rinse, wash, repeat. Don't overthink it. Don't let opinions get in the way.

Speaking of opinions, when dealing with clients, remove ALL opinion of the other person. Remove the hierarchy and treat everyone the same. In sales, it's one's natural instinct to think about how much you'll get from someone and in turn, that affects your opinion of them. Don't do this. You never know what's going to happen, and your service to someone else should never be affected by the potential dollar amount you hope to receive in return.

And here's the key (to all business, IMHO): stay out of expectations. Remove all of them.

Get your mind right and show up--that's the meat of it.

Don't get caught up in these two words: winning and losing. All winning means is that you're better at not quitting. And on that note, we should never need someone else to give us a high five.

Need to get your mind ready for action? Here's this week's episode of the Creative Entrepreneur.

Golden Nuggets from this episode:

[03:17] “your opinion of the client should never ever ever be related to how much money you can earn off them” - Peter Lorimer

 [05:41] “if we remove our expectations and only remain in service the universe gives us a big ahhhhhh (ovation sound) and keep sending us more and more and more business!” - Peter Lorimer

 [06:48] “80% of successful people is about the mindset only 20% is about the execution” - Peter Lorimer

 [07:51] “90% of it, is showing up!”  - Richard 'Humpty' Vission

 [08:33] “What winning means to me is that you are better at not quitting!” - Peter Lorimer

 [09:56] “when you look outside for validation it means you're on the slow road to internal death.” Cindy Lorimer

  

Thanks for being here,

 ❤️ PL

Staying in Touch With Past Clients | MailBag | Q&A

✉️ MailBag ✉️

You ask questions, and I answer them. This week, the question is, "How often do you keep in touch with a past client?" - John M.

Oh, The Past Client Follow-Up.

Real estate tends to be extremely forward-focused, so a lot of agents let these "forgotten children of real estate" fall through the cracks a bit.

It's definitely a missed opportunity. These are people that we've worked with and that will be advocates and tell others about us.

I recommend following up with them no less than every 6 months. For me, I don't simply send a note, I buy past clients dinner or invite them to an event at least once a year.

❤️ PL

Want to join my email list?

Drop me your deets and I will send you my monthly newsletter plus updates to all my latest content.

Real Estate Titans episode #109, hosted by Greg Fowler

I really enjoyed my recent candid conversation with Greg Fowler. We dove into some interesting topics, and, as per usual, I laid all answers right there on the table.

We touched on my big "why?" (spoiler alert: it's not money, it's family). We also chatted about what I feel are the most toxic things in the universe: fear, ego, and expectations. I shared my biggest personal and professional challenges and the mantra that helps me get shit done.

I think you'll really enjoy this one, friends. Give it a listen.

Casey Neistat and the Mansion in the Hollywood Hills | Backstage Pass | Vlog

In this vlog, which is the start of season 3, it’s all about Casey Neistat. As you know Casey is moving to LA and Jeff Landreville who is an agent at my company, PLG Estates, is a man obsessed with vlogging and with Casey.

We visit a mansion in the Hollywood Hills and chop it up talking biz and Casey and the plan that Jeff has hatched, which is magnificent!! If you want to see more of Jeff’s vlog go here and you will see Jeff’s full version of his vlog.

As always, thanks for being here ❤️ PL