Table of Contents - Achieve Success in 5 Minutes a Day with Karen Briscoe
Dave Debeau [00:00:08] Hey there, everyone, this is David Debeau with another episode of the Property Profits Real Estate podcast. And today it is my pleasure to be chatting with Karen Briscoe. And Karen is a very, very accomplished realtor. She's also a real estate investor herself. And she's got several single family homes in our portfolio as well as she invests in shopping plazas. I believe that that's what you're investing in. And what I'm really interested in hearing about is her whole concept of how we can better manage our time, because she's become very, very good and very well known at that. In fact, she's got her own podcast all around that. So, Karen, welcome to the show.
Karen Briscoe [00:00:55] Well, thank you for having me, Dave. And I'm a big fan of profits when it comes to property investing, so I love the title of your podcast.
Dave Debeau [00:01:05] Well, thank you very much. So why don't we just start at the beginning and let us know how you got in this whole crazy world of real estate investing in the first place and becoming a realtor.
Karen Briscoe [00:01:14] So I started out actually in commercial real estate out of college and was a developer and then entered the residential side time later because I actually found that parts of the commercial real estate, believe it or not, were actually kind of boring because it's very repetitive. If you're in the in the area of the industry that I was in and I like the relationships. I like the people. So the residential side gave me what I call the hard and soft side of real estate, the hard side being the financial and the structuring deals and negotiation and the soft side of the relationship. So it really was a good fit. Met with success pretty rapidly. You mentioned how did I come about the five minute success? What I found is when you become successful, rapidly devoted to how you do it. Right. And so I would share my story and people would say they wanted to achieve a higher level of success, and yet they felt like they never had enough time. And time is actually a creative thing. It's a man made construct. And so say you don't have enough time. It's like saying you don't want to. So I'm like, OK, so can you invest five minutes a day? Everybody said they could do five minutes a day. So that's where the five minute success came in. And it's actually a known as Parkinson's law. So limiting and restricting time can actually make us more efficient and effective.
Dave Debeau [00:02:40] So explain the flesh that out a little bit for us, if you would care. And so what? You mean restricting time, giving yourself a deadline? Is that kind of what
Karen Briscoe [00:02:48] you're talking about, limiting the amount of time you're going to do something because say you're going to work on personal business development is a very wide open expanse. Right. And so it always gets tends to get put off to, OK, I'll do that. When whatever this happens, that happens. I have more time, which is like, again, back to OK, everybody has the same amount of time as some people figure it out. And what I discovered is, is one of the tools in habit formation and success is figuring this out, because if we all have the same amount of time, why are some people achieving at a higher level than others?
Dave Debeau [00:03:25] Right.
Karen Briscoe [00:03:26] So one way to jumpstart or get people into productivity is to limiting and restricting the amount of time you do something. So then the idea I don't have enough time goes away. So that's where the idea of five minutes success. So investing five minutes a day into something that is personal or business development, then what happens? Often people don't realize this is that you'll start experiencing the benefits of it and then that will cause you want to do more. It could also just be that is enough right to to jumpstart success and it can have a either a domino or a snowball effect. Sometimes it's a domino, sometimes it sets off a chain of events. Sometimes it's like it builds and you're like, oh, that principle. Yeah. Builds on this principle, builds on this principle. And so just like everybody starts with one. Right. Investment property. So how are you going to do it? Are you going to do like a domino effect? Are you going to build on it like
Dave Debeau [00:04:25] so what did you stumble across this or how did how did you how did you figure this out yourself? And and how did you how do you remember first applying this five minute rule to your own life in your own business?
Karen Briscoe [00:04:39] So have information is something that's been studied by a lot of people. There's a lot of great research on it. So I spent a lot of time trying to understand why some people are successful and other people aren't. And also people would say, well, how did you become successful? And I kind of broke it down and I was like, oh, well, I did this and then I did this. And then I did this and I did this. And then those things are repeatable. So anything that's repeatable then can be systematized. You can create. Leverage off of it, right? So what I found is there's really three core principles and then one overarching, the first one is to get leads. So every business or enterprise entrepreneur sales all starts with a lead, even investing. Right. So it all starts with a lead. And the idea that everybody is in the lead generation business is a key aspect and it has to be done or not has to be the most successful people do it consistently. So setting up those systems is the first component of a five minute success.
Dave Debeau [00:05:47] So what would be an sorry for jumping in?
Karen Briscoe [00:05:49] But yeah, no, absolutely.
Dave Debeau [00:05:51] It was to do what folks
Karen Briscoe [00:05:54] are doing here.
Dave Debeau [00:05:56] But let's say you're looking to generate leads around investors and they don't have a clue, but they'll give you a they'll get five minutes work and they get started with the five minutes.
Karen Briscoe [00:06:07] So the first thing to do is to go back and look and see what's worked before. So whatever has worked for you before or other people before is the best place to start. Reinventing wheels is not really a great strategy. If you're doing it your first time, OK, you can get creative later. In the beginning, it's usually best to find a proven strategy and follow it. So start there and then commit to a certain number that you're going to do daily, weekly, monthly, quarterly, whatever it is that you will commit to. And the reason why I say no, as opposed to time, time again is a human construct and people tend to fill it in a way. They say, I'm going to do it and then that just doesn't happen. It's much easier to hold accountable. I'm going to contact five for sale by owners today or I'm going to contact five people that have in the tax record an address that is not the owner occupied address or whatever it is. Is your strategy or I'm going to contact five realtors today or I'm going to contact you're going to do five, I believe, and five a day. But if that's too much, do one a day, whatever you'll commit to and build that into your schedule and commit to that. And that is it does a lot of things. Tracking is one of the most proven ways of success. And by tracking your business generation, your investment leads that you're tracking, you will then start to see patterns of success where your best leads come from, where your best opportunities come from, what you can convert to easier. So that's the next component actually is, is the consult seller conversion. So everybody is successful, convert something some time. Right, that makes money. If you just lead it all day long, you will eventually not have a business because you have to get that business through the pipeline. Right. Right. And so that is the next component of the five minute success. So there's lots of principles and strategies to conversion and consulting, and you've probably covered many of them on your podcast. So I'm not going to like cover those. I'm just going to say, remember that there still has to be a conversion in here. Right. And then the next component is connect to build and grow. Because what I see happen with a lot of people in these kind of areas is that they they get a lead or they get an opportunity or they get a deal or they get an investment property and then they they get it in place and they convert it and then they wake up and do it all over again. And it's always like this hamster wheel, you're only as good as your next deal. It's just very transactional. Yeah. So the people who go beyond that and create sustainable, ongoing, scalable enterprises, they put into the principles into a fact what I call connect, build and grow. And that's that's leverage that's working on the business, rather just in in the business. And this happens a lot of times with small operators and mom and pop shops as they just never get off that hamster wheel. And so be always thinking about that, investing five minutes a day and figuring that component out for your your business and then overarching. All of that is what I call the principles of success, thinking, activities and vision. So those are. Your vision is obviously where do you want this to go? If you could create your plan for your your investment, where do you want it to go? Where do you see it? I mean, maybe five years is too far to look out, but look out and look back and see where you've come from and see where you're going. Then think about how you're going to get there and then put the activities into place. And people who do that, then they start to achieve a higher level of success. So doing those components, you can invest five minutes a day and each one of them, you can invest five minutes a day and one of them and then you just constantly be working through them. But the people that have that scale and achieve at a high level, they're all doing those components.
Dave Debeau [00:10:26] Yeah, I know it definitely makes sense. And I don't know if you find this scary, but I definitely don't do it as well structured as what you're suggesting. But I have done something kind of along those lines and, you know, especially if it's something new or something you're kind of not looking forward to. Starting with that five minute chunk is a really good way. Do not try to eat the whole elephant all at once, you just take a little bite and then what I find is once I get started, it's usually nowhere near as bad as I thought it was going to be in the first place. And then that five minutes might turn into 10, 15, whatever you it's a whole beauty of getting started. At least that's been my experience. You find that as well?
Karen Briscoe [00:11:09] Absolutely. That is one of the aspects to have information a lot of research has been done on. It's the same reason why they say just go to the gym, say your five minutes are just go for a five minute run or a walk or whatever. Just start, because this is where a lot of people become paralyzed or they get easily distracted or off track. And so what people often don't realize is the impact that could be made just doing the stairs instead of the elevator. I mean, that's five minutes. And so it's the same kind of concept. And then oftentimes it will first of all, you'll see the benefit of it, like you said, and you'll want to do more and the more obviously you do working on core principles. Because what happens is, is so many people, particularly if you know, this is your first, you just have a few investments and you get stuck in the weeds. Right. And you're like so deep in the weeds. There needs to be time invested in these principles that will help you then go beyond that. And that's why people listen to a podcast such as yours. Right, because they know that other people have done it before and they know that there are ways to do it better. And so I'm just showing a way that you can structured into your business in life so that then you can go to that next level.
Dave Debeau [00:12:30] Very good. Karen, let's switch gears just for a second, because I want to definitely take advantage of your experience with real estate and really being a realtor. And I'm sure you've probably worked with quite a few investors as I have years of you. Yeah. So so one of the questions I get sometimes from relatively new real estate investors is how do I find a good realtor to help me with my investment property? So I'd like you to give your your your take on that from two perspectives as understanding where they're coming from, but be also explaining what they need to bring to the table in order for a professional realtor like yourself to actually take them seriously and want to bring them on as a client.
Karen Briscoe [00:13:11] Those are a lot of great questions. So to look for somebody who actually invests themselves, it's just like anything. It's like, would you really go to a workout with a trainer who is fat? I mean, it really is counterintuitive. So if they're not invested themselves, they don't believe in it and they haven't actually gone through what is involved. And so I would look first for other investors because they were going to and they may also probably have a bigger network of opportunities that they know other investors are passing on for whatever reason. It's they just bought something and so they're not ready or whatever, and they may have more of a strategy. The other thing that I, I look for myself, but I would say if I was going into another market is I would look for people that have really, really strong market knowledge. And I know there's a lot of information available. I'm looking for people that can read that information and glean out of it to discern what you really need to know, because it's almost information overload. And what I look for strategy I'm looking for where are the markets going? I mean, everybody can already figure out what it's already there, right? That's that's fish in the bucket. So you want to know people that can understand market fundamentals of where trends are happening and where it's going. So that and so that's something that I would look for if I was moving into another or going into another market area and I wanted to find a realtor or a professional. And then what the investor can do is be ready now. So I find it
Dave Debeau [00:14:52] annoying as heck having newbie investors that just went to a seminar, wasting your time and then never pulling a trigger.
Karen Briscoe [00:15:00] Yeah, I mean, I never look at working with a client as wasting my time because I always learn something. I grow. I become better than before. So I, I always look at it as an opportunity. At the same time, though, it's not going to benefit them. So the more prepared they are and and sometimes people become accidental investors. And that happens most frequently when people are left with a property and they're like, OK, but I could always just rent it out. And so that is is it happens frequently. The other accidental investor are it's sometimes ten thirty one exchange people and they get stuck in a crunch time crunch. So if you think that's something that you're going to consider, I would spend more time up front research. Your options before you get into it, the time crunch of of identifying your properties, so I would spend the time as soon as possible with an agent that could help you get prepared and help you make decisions about which market areas you want to be in, which type of property class you want to be in, what you your all your financial ducks in a row and everything. So that when you do find it, because this is what happens is people find it and then they go, oops, you missed opportunities. Right. And and the other thing I would say is I find that most people wait too long. It's the whole oh my gosh, I should have bought in 09. And I'm like, OK, well, yeah, we all know that. So the idea is sometimes people are like, oh, I'll wait till everything gets all the stars align and everything. And I'm a firm believer in the I think it's a Japanese philosophy. What was the best time to plant a tree 20 years ago? That was the best time to buy real estate. So I'm a firm believer there's always good value. We just have to.
Dave Debeau [00:16:53] And that now is the second best time
Karen Briscoe [00:16:55] and now is the second best time. Yes, because 20 years from now you will look back and go, wow, it's a good thing I bought it in twenty nineteen or whatever. Right.
Dave Debeau [00:17:03] All right. Perfect, Darren. So I know you've got a lot of resources that people want to find out more about you and your whole five minutes success concept. What should they do.
Karen Briscoe [00:17:13] So the website and it's the number five minute success and that has great resources. We do have a seven day start. If you want to just put some seven days into your five minute success and get it going and jump it. And we have the podcast, as you mentioned, the five minute success podcast. It has a lot of great real estate, as well as other industries that are what I call ancillary. That can help fine tune and and hone in your the five minute principles. And then, of course, the other social media, Facebook and that kind of thing.
Dave Debeau [00:17:48] Awesome. Very good. Karen, thank you very much for your time and your experience today. I really appreciate it.
Karen Briscoe [00:17:54] Well, it's great to be here and I'll always love to talk about real estate.
Dave Debeau [00:17:58] Thank you very much. And everybody take care and we'll see you on the next episode. Bye bye. Well, thanks very much for checking out the property profits podcast and you
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