Affordable Real Estate Coaching Program Review

[Shiloh Lundahl]

One of my goals this year is to increase my coaching clients to 20 new real estate coaching clients in 2020.  In order to meet this goal, I have created what I call an affordable real estate coaching program that I wanted to open up for feedback in the forums.

First of all, I recognize that real estate information is published and shared all over the place. From books and podcasts to websites like BiggerPockets and even local REI meetings and meetups - most of which are at low or no cost. So why would I have the bravado to ask someone to pay me to teach them about real estate when they can learn on their own? I would answer that by saying coaching isn't just about teaching, it's about providing support along the way and guidance in applying the information learned. And most of all, coaching is about providing accountability which seems to be one of the most determining factors in helping someone reach their goals.

So this is the coaching program in a nutshell and I’m open for feedback:

The cost is $5200 for 1-year coaching. The coaching is specific for people who want to get single family rentals to rent out or sell on lease options using the BRRRLO model or small multifamily properties.

The coaching will consist of phone calls every other week for just under 30 minutes. The focus of the phone call will be geared toward helping the coaching client reach their goal for the year. So the coaching will be individualized. Also, if the coaching client completes the homework and the phone call then they will get back $100 for each time they complete both the homework and the phone call. So in essence, the coaching client can earn back up to $2600 at the end of the year as they follow through with the tasks of the program that .  

The method of earning back part of the cost of the course increases motivation to follow through. When someone has already paid for something. It is a sunk cost. That money is gone and doesn't come back regardless of whether or not you implement what you learn. There are people who get motivated to do something such as loose weight so they buy a membership to a gym because in their mind that is the first step to getting into shape. They may use their gym membership a few times until their motivation wanes and their resolve to workout gets overtaken by former habits. Usually within about a month (or even less) the newly motivated gym enthusiast is back where he or she started - only this time with a little less disposable income as they donate to the cause against flabbiness. 

But what if the gym membership cost $1000 a month, and as the gym member attends the gym they get back $50 each time they go up to 19 times a month - thus making the membership only $50 a month?  Would that change someone's motivation to go to the gym?  Would it change yours? I bet It likely would. The psychology behind this idea is that if we have something at stake that is at risk of being lost, our motivation to keep what we have is much greater than the motivation of gaining something we want. In other words, imagine the intensity of the emotion you get when you have been grossly overcharged for something and all the work that you are willing to go through to get back the money you were incorrectly charged. Now think of the emotion you get and the amount of work you are willing to go through when someone gives you an opportunity to work for the same amount of money?  The intensity of emotion just tends to be greater when someone is trying to take something that is yours verses when you are trying to gain something.

In addition to the phone calls every other week, the coaching client is also added to our WhatsApp group where they get to see projects that we are currently doing as we add to our own portfolio and where they can ask questions to the community.  They also get to see the presentations of our meetup groups and they can call on Tuesdays and Saturdays in the morning for unscheduled calls if they need additional help.

Well, that's the gist of it.  I am open to any and all feedback.

[Shiloh Lundahl]

@Tanner Enderle Thanks for the feedback.  I agree, step by step details on how to do a deal is super helpful at the beginning and that is what this coaching program is going to provide.  I can provide a list on good contacts that we use in Arizona, but because the coaching clients will likely come from several different markets, I will coach them in developing their list of contacts and connections in order to help them build a team in their target market.  

Yes, with the rebate it will be $2600 for 26 scheduled phone calls throughout the year. but then again, there will also be other available times for phone calls outside of the 26 and there will be ways of connecting through the WhatsApp group and attending or viewing the meetup recordings.

Because I have experience with buying my own properties and am still actively buying properties, I can offer information and education on how to buy properties effectively in today's market.  However, that information is readily available in so many places that people can access themselves that I think the thing that will be of most help is the hand holding along the way until the coaching client becomes more comfortable with the process.  But truthfully, each coaching client will be coming from a different place and will have different goals so the coaching experience will be individualized to what that specific client needs to reach their specific goals.