If you’re a sales professional who lives and breathes the thrill of closing a deal, you might be a sales aholic.
With an insatiable drive to exceed your targets and push your limits, you’re always looking for the next big sale.
It can be a source of pride and motivation, fueling your passion for the job and inspiring you to reach new heights of success.
As a sales aholic in the United States, there’s nothing quite like the thrill of the hunt. Whether you’re pounding the pavement, networking at industry events, or scouring social media for new leads, the excitement of chasing down a potential sale keeps us going. It’s actually these free things that are a real adrenaline rush. This is the mark of a true sales professional (err…sales aholic)
Show Me the Money
For many sales aholics, the ultimate payoff of all that hard work is the commission check that comes with a successful sale.
That sense of accomplishment and the financial rewards that come with it can be a major source of motivation for sales hunters. In this article, we’ll explore the joys and challenges of being a sales hunter, from the rush of the chase to the satisfaction of closing a deal and earning that coveted commission.
As a sales hunter, the thrill of the chase and the ultimate payday of a commission check are what keep you going.
It’s no secret that high-performing salespeople can earn some serious money. And when the commission checks start rolling in, it’s tempting to indulge in a few of life’s luxuries.
From fancy dinners to luxury vacations, high-performing salespeople often live well and enjoy the fruits of their labor.
However, balancing the thrill of the hunt and the excitement of earning a commission with the need for long-term financial planning is important.
In this article, we’ll explore some of the common temptations that salespeople face when it comes to spending their commissions, and offer tips for making smart financial decisions that can help you build a secure financial future.
So whether you’re a seasoned sales veteran or just starting out in the world of sales, read on to discover how to balance the thrill of the hunt with the importance of financial planning.
Like Warren Buffett Said
But as the years go by, you may start to wonder how you can make your hard-earned money work for you.
Perhaps you’ve already indulged in a few of life’s luxuries with your commissions, but you want to do more than just enjoy the fruits of your labor. That’s where passive investing comes in.
That’s exactly what I discovered in 2015 when I decided to take the plunge and invest in a rental property.
Logistics to Landlording
At first, I wasn’t sure what to expect. The idea of being a landlord and dealing with tenants was daunting. Being a hunter, I was looking for great deals.
Eventually, I found a property that met my criteria and had the potential to generate passive income for years to come.
After purchasing the property, I set to work getting it rent-ready.
I worked with contractors to make necessary repairs and upgrades to give it a fresh new look, and I even added some special touches to make the property more appealing to potential tenants.
I was thrilled when I found the perfect tenant and even more thrilled when I saw the rental income roll in.
As time passed, I had more responsibilities and challenges as a landlord.
I had to be available to handle maintenance issues, collect rent, and address any concerns or complaints from my tenant.
I also had to be prepared for unexpected expenses, such as repairs or legal fees.
Despite the challenges, I found that being a landlord was a rewarding experience.
Not only was I able to generate income, but I also had the satisfaction of providing my tenant a safe and comfortable home.
I managed my property and successfully built a profitable rental business.
Since 2015, that same $20,000 commission check has earned over $150,000. Other commission checks have done the same; however, each path has yet to be equal and not without some hard work in addition to keeping my sales job and family.
Eventually, finding deals on the internet was not financially feasible anymore. To get easier access to discount properties, I began networking with real estate groups.
This became like a job in itself. Prices were moving faster than rents were, and I still had to manage the property and find tenants.
I feel that all the best sellers I read about passive income through rental properties were just a bunch of fake content. Not to mention that over time, some properties become average performers.
Flipping Sales Commissions
I’ve had the opportunity to flip several properties over the years.
Each project had its own set of challenges and opportunities, but the end result was always the same – a successful sale and a profit to be reinvested into my next project.
Which, inevitably, is the challenge with flipping…you are constantly pushing profits into the next project and never really in a comfortable spot.
Finding a distressed or undervalued property is my 2nd favorite part. The hunt for the deal, putting it together, and buying it is a rush. This was nice, it was a sale in and of itself which is nice for a sales aholic as myself.
This involves research and due diligence, including analyzing the local real estate market, evaluating the property’s condition and potential resale value, and calculating the costs of repairs and renovations. It also involves some risk and a bit of luck.
Once I’ve found a property that meets my criteria, I begin renovating with modern and favorite features.
Lots of TIME
This usually involves a complete interior and exterior overhaul, from replacing the roof and updating the electrical and plumbing systems to installing new flooring and fixtures to give the whole house a new look.
In addition to a discount on the house, it is critical to find great deals on all materials where possible.
Throughout the process, I work closely with contractors and other professionals to ensure the work is completed on time, within budget, and to my specifications.
Once the renovations are complete, I work with a real estate agent to market and sell the property. This involves staging the home, creating high-quality photos and videos, and holding open houses to attract potential buyers.
Flipping houses is not at all passive income; this is a genuinely active job, and I don’t suggest this for people that have a full-time sales job.
My work suffered, and it was also pretty hard on my marriage.
This form of real estate investing does not work well with sales professionals.
After purchasing several single-family rental properties, I realized that scaling my portfolio would be slow and arduous if I continued. This was taking away from prospecting, networking and closing deals. I am a sales aholic but I do want my commissions to grow.
I began to explore other investment opportunities and eventually found myself drawn to multifamily syndications.
Making the transition from single-family rentals to multifamily syndications was an exciting but different experience.
One of the main benefits of investing in multifamily syndications is the truly passive nature of the investment.
Getting my Time Back
Unlike single-family rentals, which require a lot of hands-on management and maintenance, multifamily properties are typically managed by professional property management companies.
This means that the property’s day-to-day operations, such as leasing, rent collection, and maintenance, are handled by someone else.
As a passive investor in multifamily syndication, I can sit back and collect monthly cash flow without worrying about the day-to-day management of the property.
In addition to the passive income benefits, multifamily syndications also offer the potential for higher returns compared to single-family rentals.
By pooling funds with other investors, I’m able to invest in larger properties that generate higher rental income and have more potential for appreciation.
Additionally, the economies of scale associated with multifamily properties mean that expenses, such as maintenance and management fees, are often lower per-unit than for individual single-family homes.
While the transition from single-family rentals to multifamily syndications required a lot of learning and adaptation, the passive income benefits and potential for higher returns have made it a worthwhile investment strategy for me.
The cash flow returns are the same, or slightly less; however, overall returns are on par with single-family rentals. The primary difference is the time requirement.
There is very little due diligence up front, and no maintenance or tenant calls after.
There is only cash flow distributions and appreciation and tax benefits….and time for deals and truly honing my craft of sales aholic.
Investing in syndications is similar to buying stock except having much better tax benefits and adding an actual asset to your portfolio.
In conclusion, real estate syndications offer a unique opportunity for sales professionals to diversify their investment portfolios and generate passive income.
By pooling funds with other investors and partnering with experienced real estate professionals, sales professionals can access larger and more profitable properties than they could on their own.
Syndications also offer a truly passive investment, allowing sales professionals to focus on their careers and personal lives while still earning monthly cash flow from their investments.
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