Posts in business development
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.

How Do I Become A Luxury Real Estate Agent? | Magic Minute Season 3

Los Angeles is FULL of luxury properties, and a lot of real estate agents want in. How do you break into it? First, be patient. It's going to take a while. Expect to work, as an apprentice, for a successful real estate agent for several years. And, insert yourself into their circles. Country clubs, dinners, etc. Why? Because we sell trust, and you have to earn trust (especially when you're an agent buying or selling a multi-million dollar house).

In addition, you'll need to work harder than everyone else. It's competitive, but it pays off.

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

Peter Lorimer’s Secrets to Property Success, From Photos to Software | Renting In America | USA Today

I was incredibly honored to be featured in the Future of Business and Tech, where I talked about a few of my favorite things: AirBnB, narratives, and efficiency.

I really enjoy - actually, I love - the personal nature that is AirBnB. But, in order for that to work, you have to create a narrative. What do you mean, Pete?!

By narrative I mean this: You need to tell a story. What kind of story does your short-term rental tell? Is it a block away from a downtown area with a bustling nightlife? Or is it a short car ride from a theme park?

I imagine those two AirBnBs will tell two different stories. Narrative.
I suggest, in order to tell a great story, hire professionals.

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

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Via JEFFREY SOMERS, Future of Business and Tech  editorial@mediaplanet.com,

NEWS The short-term rental industry is exploding. For real estate guru Peter Lorimer, success means rejecting shortcuts and leveraging technology.

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Few people know more about real estate and the short-term rental industry than Peter Lorimer. The real estate legend now co-hosts “Stay Here” on Netflix with Genevieve Gorder, helping the famed interior designer transform drab Airbnb rentals into spectacular getaways.

“I think my favorite part of “Stay Here” is being able to immerse myself into the cultures of cities,” says Lorimer. “Which I think is the essence of Airbnb—we want to live like a local. It’s incredibly personal.”

Secrets to success

Lorimer has seen it all, and he has a simple recipe for short-term success.

“A word that I like to use in the show quite a lot is ‛narratives,’” he says. “Know what the story of the property is. Hire a professional photographer to capture the narrative. Thanks to technology, traditional real estate and short-term rentals have turned into real estate Tinder—please, please hire a professional cleaning crew!”

Technology also offers huge opportunities for landlords. “As a real estate professional, I’m all about ‛how can I utilize an hour?’” Lorimer points out. “Nothing replaces the personal touch, and if I’m knee-deep in paperwork, then I’m probably not going to be the most vibrant host that I could be. So if you can afford it—and really, you can’t afford not to—get Property Management Software (PMS) to streamline the day-to-day aspects.”

In addition to PMS, Lorimer stresses the importance of insurance. “Having insurance as a landlord is absolutely paramount—be very clear you’ll be using the insurance for an Airbnb, and get an umbrella policy. For renters, insurance adds an extra layer of comfort.”

Advice for newbies

For new landlords, Lorimer believes knowledge is power. “Data drives everything. Know your niche, who you’re going for.” He also believes in getting your hands dirty. “I’m a great believer in apprenticeships, and in getting things wrong so you know how to get them right. Do everything except the cleaning and the photography. Hands on is how you learn.”

It all comes back to that personal touch. “There are no shortcuts—clients will notice, and it will affect your ROI,” Lorimer warns. “Treat your guests like extended family or long-lost friend. That’s what they’re looking for, that’s what this industry was founded on.”

For Original Article Click HERE

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Should I Invest In AirBnb's? - Magic Minute Season 3

Should you invest in AirBnBs? I'm a HUGE believer in these being an amazing investment. One thing to make sure of before you do, though. You need to make sure you're in an AirBnB friendly zone (check with the city council).

I believe this is the next wave for property investors. What are your thoughts on this, friends?

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

How to Obtain Life Goals - The Roadmap | Peter Lorimer Mantra

It's not all about the hustle or grind. It's about LIFE. I'm interested in working to live, not living to work.

Here are my tricks for maximizing my time and getting the most out of it:

4:30: ⏰ wake up. I HATE waking up this early. But I do it.

5:00-6:00 am: I plan my entire day. Tip: I outsource tasks such as laundry, groceries, etc. to maximize efficiency.

6:00-7:00 am: Gym

7:00-8:30 am: Prospect. Every 👏 Single 👏 Day 👏

8:30-10:00 am: PLG emails

👆That's it friends. I bank my hours. I get up at 4:30 am and start my day. Think about it... I've worked half a day before the work day starts. If you add that extra banked time up, you've worked an extra 2.5 days a week.

What can you do with that extra time? Whatever you want! Use it to get more work done, or use it to do what YOU want without feeling guilty.

I'm not interested in watching my life blow by because I'm working all the time. I'm also not interested in becoming wealthy at the cost of someting else.

My extra chunk of time in the morning is how I obtain my goals. It gives me an extra day or two. It's how I get ahead, and it can help you, too.

Thanks for being here,

PL

#MCCLive with Alyssa Hellman & Peter Lorimer

I recently spoke with Alyssa Hellman on #MCCLive about my Stay Here experience.

The first day of shooting, we were on the set in Washington D.C. I was pretty nervous. I expected maybe a little coaching... NOPE. And here's what I learned from that: trust your gut and what you know. Put differently: You're a professional, PROFESS! This goes back to confidence and not listening to the voice of fear. Let your actions speak for you. Sometimes, when you're thrown into the fire, you have no choice. Sink or swim.

Television is really hard and there are really long hours. It's complex, I love it, and there's definitely more coming in television for me-- but real estate is a tough industry to leave and I'm happy to be here.

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

The Art of Work-Life Balance | Pete Lorimer Mantra

The entrepreneurial wave that's taken over tells you to work from 6 am to 11 pm every day. Not me.

For me, my personal life is enhanced by my professional life - and vice versa.

Goals outside of work fuel my work. I work long hours so I that I'm able to create memories our family can look back on. I don't want to be counting $100 bills when I'm old, I want to be watching these stupid videos I created of my family making wonderful memories. That's my big WHY.

I'm giving you permission to have a "why" that's outside of business.

Tips on handling work so you can carve out time for YOU:

BOUNDARIES. This one's number one for a reason. When you work for yourself, you feel like you are always on call. But that's not true. If a client texts me after hours, I respond and say I'll get back to them tomorrow. They appreciate the response and my family appreciates the attention.

Calendaring. I calendar everything. This gives me sanity, removes chaos, and allows me to know what I should be doing at each and every moment. On that note, start work at the same time every day. I start at 10 am every single day - no matter what. This is massively important.

Say no. If a client calls you at 8 pm at night or 8 am in the morning when you've planned something for yourself or your family, say "I have an important family event I can't miss, I'd be happy to go at a later time (and you can even give them times to choose from here)." Again, as long as you always respond, your client stays happy.

Prioritize your day. What's your time worth? Real estate agents try to do everything, and that's just not possible. Delegate!

Don't use your office as a crutch. Your dining room is the best office in the world. There are no distractions. At the office, there's meetings, chatter, etc. These things can all be great, but they can also be a time suck.

Overcome procrastination. How? Just do it! Just do it right then and there. If you have the ability, do it now. If it's on your list, do it in the order that it's in.

I challenge you to write down a goal. It can be a vacation, an experience, or tickets to a show--meaningful stuff. Write it down. So that when you look back at your life, you think "that was awesome." We have to do things outside our industry.

This world is a beautiful, fat, juicy place full of jewels and I want to consume as much of it as I can.

Thanks for being here. ❤️ Pete.

Joe Fairless Podcast | From Successful Producer To Successful Real Estate Investor & Agent with Peter Lorimer

I recently had the opportunity to chat on Joe Fairless's podcast, Best Real Estate Investing Advice Ever. We spent time talking about how my background in the music industry influences my success and choices in real estate.

As most of you may already know, my background was not at all real estate. I became a record producer at age 16. When you're a DJ, you have to know what's going to move the floor. When you're a record producer, you have to know what's going to move the floor a year from now. My ability and training in technology and trend-spotting have turned out to be extremely helpful in real estate.

My approach to real estate has always been driven by technology and social media.

I think what separated me from new agents, in the beginning, was work ethic. In the music industry, you put your heart and your soul and your life into something that may never see the light of the day. You have to outwork everyone else in the room.

But the cornerstone of my success was due to the fact that I was okay with taking risks when it came to social media. I didn't have someone else craft my digital identity, I made myself the brand. When I was a record producer, one of the biggest hits I ever had was when I did a project just for me. I created something that I loved and didn't care what others thought about it. So in social media, I haven't pandered to anyone. We have always danced to the beat of our own drum. We look for white space, for opportunity.

The real estate world has absolutely reset. We are currently watching the end of an era. If you aren't crafting your own digital identity-- you're dead. You can NOT leave it up to your company to do that for you.

If you don't blend in, you stand out.

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

Netflix Famous - Sarah & T - The Professional Vacation Rental Manager's Podcast

Everything I do has a niche. It's just how I do business. My work on Stay Here was born out of that. In this podcast with Sarah and T, I chat all about the show. How the Airbnb owners were chosen, the behind-the-scenes renovation process (cue jaw drop-- it took 4-5 days for each rental) and my top tips.

We talked a lot about photography and video: Photography and video are the differentiators--ESPECIALLY in short-term rentals. That's why I brought my own photographer on the show. I knew if my photographer took the pictures, we'd have continuity.

Here's the difference between short-term rentals and and traditional real estate, if you spring for a photographer, you'll see the return because your photographs are EVERGREEN. You can create a narrative with your photos that you can use for years. And once the photos have a narrative, people pause.

Take care of the narrative. My number one tip for this: know your audience.

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

Keynote - Utah Relocation Summit - Backstage Pass - Pete Lorimer Vlog

I recently spoke at a conference in Park City about a very specific niche: RELOCATION.

When executives are asked to be relocated, relocation services (like Influence Relocation), step in and help find real estate agents to get the job done. It’s a unique direction that takes discipline.

So, everyone at that conference has picked a lane and is running hard--and that's where the magic happens. You gotta know your niche.

Like with my crowd, I appeal to the people I appeal to and I don’t stop, I post relentlessly. I create content for my sphere, constantly working to add value and then--I prospect, thats the magic formula.

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

What are Special Assessments? - Magic Minute Season 3

What are special assessments? They may not be the sexiest part of real estate, but we have to know it all, friends!

Generally speaking, this situation comes up in a condo building, when the HOA doesn't have enough money in the reserves to complete repairs. You have to have enough money in the reserves to cover repairs, OR the special assessment gets passed to the condo owner.

Example: If your condo building needs a new roof, and there's not enough in the reserves, you have to pay for it!

My rule of thumb for HOA reserves can help out here. I recommend 25K per unit. Check out my HOA reserves video for more info!

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

What are Contingencies? - Magic Minute - Season 3

What are contingencies? Title, disclosures, inspections... just to a name a few.

Contingencies are the line in the sand of all real estate transactions. Think of them as a protective layer in the deal. If you're a buyer, what does it mean to remove them? Well, tbh, it can be scary. (😱)

Why? Because, once those contingencies are removed and the buyer doesn't go through with the deal, the seller can (and very well might) go after that deposit.

If you are a buyer's agent, make sure you double/triple/quadruple check all the paperwork relating to the contingencies. Because once they're gone 💨 goes that deposit (possibly).

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

Speaking at Gary Vee's Agent 2021 / Pete Lorimer Vlog

I recently attended and spoke at Gary Vee's Agent2021 conference in Miami. Now, I try to make it to several conferences a year--and this one was different. And I'm not just saying that because I sat on the stage.

After waking up at 2 am (😴) and making my way to Miami, I was full of adrenaline and excitement. The conference took place at the Dolphin Stadium in Miami-- where Gary, his business partner Matt Higgins (you may recognize him from Shark Tank), myself and some amazing professionals in this industry during the day took the stage.

The whole deal was about personal branding, real estate, and social media. I got the chance to chat with some fellow real estate pros and give them my two cents. I made copious notes and have been and will continue to share them with you all.

Friends, taking time out of your crazy schedule to make it to some conferences like this is HUGE. You HAVE to invest in yourself and your professional development if you want to take this seriously.

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

The Art of Confidence | Monday Mantra

Today’s mantra is all about the art of confidence. What is it? How do you get it? And how do you use it? Believe it or not I once lacked confidence but through following the techniques I talk about here I managed to smash through my worries and forge ahead. I hope you get something out of this and thanks, as always, for being here. ❤️ Pete

What is an HOA Reserve? - Magic Minute Season 3

What is an HOA reserve? I know, I know… it can seem like a snore. But you have to know this stuff!

Homeowners’ Associations are the governing bodies that help make sure there’s not a meth lab next door to your home or a punk band on the tenth floor of your condo.

The HOA reserves are there for when things like a leaky roof or other big problems arise. And as buyer’s agent, I like to see about 25K per unit in reserve. That helps your buyer feel safe, should something come up!

May not be the sexiest topic, but we need to know it all!

Thanks for being here ❤️ Pete

2019 Real Estate Market Predictions - Magic Minute Season 3

2019 Real Estate Market Predictions - Magic Minute Season 3

Here is my educated opinion on where we’re headed: The market has consistently grown for the past decade and I think we’ve plateaued a little bit.

I don’t see a huge crash. Slow and steady is the name of the game.

So, if you are a seller, sell between April and July. This is typically the best time of the year to sell anyways, and strategically makes sense for 2019.

Thanks for watching and being part of the rebellion!

Pete

DECIDER Article: Brett White’s Top 10 of Everything 2018
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I’m not going to spend the intro to my Top 10 of Everything going on and on about how awful 2018 was. That’s not what this space is for! It’s for celebrating the things that made me turn of Twitter (or turned Twitter into a magical land full of monsters and/or Brits in bespoke suits). In a twist I didn’t see coming, it was actually hard to narrow down this list to just 10 entries. Surprise, some good things did happen in 2018 and I didn’t even have room to mention all of them!

Honorable mentions: Andrea Barber’s Fuller House vlog, the rowdy puppets on Curious Creations of Christine McConnell, Alice Eve’s turn as a sadistic nightmare named Mary on Iron Fist, Parker Posey’s turn as a selfish nightmare named Smith on Lost in Space, the 1986 Zenith television I bought after writing a stupid intense piece about sitcom lighting, and the eternal style and fashion sense of Mr. Bob Newhart.

So without further ado, and without me further gushing about Bob Newhart’s love of fancy pajamas and patterned sport jackets, I give you my top 10 of everything from 2018.

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'Stay Here's' Palm Springs Time Machine

Netflix’s Stay Here checks off a lot of my boxes. Half-hour show? Stunning home transformations? A British guy in chunky glasses? My longtime fave Trading Spaces queen Genevieve Gorder?! But one short-term rental property on this show stood out from all the rest: the Palm Springs Time Machine.

I’ve seen a lot of home reno shows, from the TLC glory days of While You Were Out and Town Haul to HGTV’s current reign with Property Brothers and Love It or List It. Believe me when I say that this episode was a rollercoaster! I was gagged when I saw the lovingly recreated groovy interiors and aghast at the thought of Genevieve changing a single thing. I may have screamed at the TV, “Leave the time machine alone!”

But trust in Genevieve, because she saw the potential in this throwback palace and decided to double-down on the borderline egregious level of kitsch. The home came alive through that transformation, becoming even more of the retro hangout of my dreams.

Yes, I have looked into renting it.

How to be Great Concierge at your Airbnb - Superhost Superheroes

This is all about concierge 101.

One of the most common problems I see is that hosts look at their properties as still just properties. As a host, you need to look at them as small hotels. You are now the manager and concierge.

Remember, when you check into a hotel you want the whole experience, not just the physical place.

It’s our job as hosts to sculpt the experience. Always over-exceed their expectations, always!

This is how you become a superhost, which equates to only 7% of hosts. Once you get to that level, you can earn double!

Thanks for watching

Pete

End Of Year Live Q & A - Monday Mantra

I thought a great way to end the year would be to hear from you!

I’m here to be of service and answer the questions you may have so that you can get ready and prepped for 2019! 

I’m flying with no net and fielding all your live questions…  Let’s dive in!

1 - At what point do I need to jump into video for my real estate career?

If you’re a brand new agent or a senior agent or anywhere in between, you need to jump in NOW.  The train is leaving the station.  2019 is the year to smash any self-conscious feelings you have about how you look and sound on camera.  Just begin!  It will only become easier and easier. 

2- What’s the best way to find out info about whether Airbnb is legal in the city that you live in?

When dealing with anything that could even perhaps brush against the law, what I would highly recommend is to get the advice of an attorney.  Airdna.co is a great website that will give you some info on these sorts of questions.  You really do need to know everything about a place you are considering investing in.  Make sure you do the research first! 

3- What is the best way for new agents to find business?

Do not spend money on Zillow or any other of those paid sites.  I recommend sitting as many open houses as you possibly can instead.  Also, you must reach out to your entire sphere and let them know that you have moved into real estate.  86% of all deals come from people you know.  Then, constantly put out content on social media to remind people how committed you are to your new industry. 

4- When did you become a broker/ owner and why?

If you want to own a brokerage to save commission, don’t open one!  There are a ton of other expenses others don’t necessarily see; office space, employees, computers, supplies, etc.  For me, I always wanted to have my own business so that I could create a certain ethos and have a big family that I could call my own.  It has to be a passion of yours.  

5- Will there ever be a PLG London office? 

Maybe there will be!

6- Should I buy another short-term rental property in the same complex or should I diversify?

My advice would be to branch out to a different area and diversify, or you would end up being your own competition.

7- Do I need to join a big box company for the training?

I’m a big believer in boutique.  If you want to learn the ropes, why not learn them from someone who has everything to lose.  If an owner is shoulder to shoulder with the broker, then they also have a lot to lose and therefore only want to give you the best advice.  I did the big box thing and found the education dated.  I learned way more from independents. 

8- Do I need a Facebook business page?

If you want to market yourself through Facebook and IG, you can’t buy paid ads unless you have a Facebook business page.  You must have one to use ads, and I think they are absolutely everything.  Every dollar you have you need to spend online! Make choices to keep from spending money on other things like meals out and stuff you don’t need.  It adds up quickly and could be used to help generate you business instead. 

9 – Should I be using IGTV?

I could be wrong when I say this, but it’s a spot where no one is... So, my logic is why wait for everyone to get there and then decide to do it?  Most likely it’s going to be monetized in 2019, so a lot of YouTubers are going to be heading over there in the New Year.  Whether I’m right or wrong why not fill your channel with all your videos and get ahead of the curve from a medium that isn’t saturated.  That is what I’m doing. 

10 – Which social media platform is the best for realtors?

For me, the top 3 are – IG, Youtube, and then Facebook.  It’s really just about picking your poison.  I used to have them ALL.  It became insane and unmanageable, so I chose the few I liked most and focused on them.  I have to say my favorite platform is Instagram.  It’s a visual industry, so it’s perfect for the nature of IG.  It’s simple and has all of the platforms in one. 

Well, that’s a wrap!  I want to thank everyone who tunes in and watches Mantra.  You are loved and adored by me.  I also want to wish everyone a wonderful holiday season!

I appreciate you my lovelies. 

Thanks for watching and being part of the rebellion

Pete

 

THE MCWILLIAM TEAM: Interview With Peter Lorimer
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I had a blast talking with my mate and fellow social media machine Paul McWilliam.  The Aussie personality and I had a grand time and got the chance to touch on all sorts of fun topics; our stalker-ish admiration for one another, my music past, “ripping”, technology, how I got into real estate, the social media boom, video, my Netflix show, and so much more. 

 LISTEN TO THE FULL PODCAST HERE

“Adelaide Real Estate with Paul & Marie McWilliam. In this interview Paul McWilliam speaks with PLG Estates Founder and Netflix show Stay Here host Peter Lorimer. Topics discussed include the use of video in personal branding and real estate promotion. Real Estate Agent Vlog by Paul & Marie McWilliam of Adelaide Real Estate with Paul & Marie McWilliam.”