No College, jailed dad, Rose to the #1 Agent at Keller Williams, done hundreds of millions in real estate, $500,000 embezzled…how he persevered and overcame
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Lesson from $500,000 mistake
“Keep an eye on your P&L everyday. Don’t give people more authority than they should have. Don’t let other people write checks. Don’t give people a rubberstamp to sign your name. It’s something I learned from having almost $500,000 embezzled from me. Now I keep an eye on every single dime that comes in and goes out of this company.”
#1 path to profits
“#1 path to profits I learned in the restaurant business. The better you serve people, the more you care about the experience they have, the more you care about the person, above the paycheck, the better. In my business journey I’ve done everything I could to take amazing care of even the people who don’t do business with me.”
“Weirdest thing — my business was cranking. In the fall of 2009 I found out my controller had embezzled almost $500,000 from me over three years. Within 6 months half my agents left. Early 2010 the real estate market shifted down. My wife who I dated since we were 13 decided she didn’t want to be with me. I built my whole business and world on positive mindset yet I didn’t want to crawl out of bed. Weirdly, I decided to keep working with my ex-wife for three more years.”
Conventional wisdom that hurts
“People don’t often think about or emphasize how important their mindset and energy are to success. Have energy on the phone. When I call some real estate people I feel like I’m calling a morgue because they have no energy. Training my subconscious mind to have a positive outlook every day more than anything else has helped me build my business.
Why Listen to Chad:
Chad Goldwasser and his team have done hundreds of millions of dollars in real estate transactions.
In his first full year in real estate he sold 67 homes breaking through barriers he never thought possible. He overcame some of the limiting beliefs and mindsets that had taken hold.
Before his breakthrough as a real estate agent he was making $2.17 per hour as a bartender. In real estate he was consistently earning $20,000 plus per month.
Then he grew his mindset and his business model further by starting to build his team. Within 7 years he became the #1 realtor in Austin Texas. Austin is a very hot real estate market with many shark real estate agents competing.
He completed 4 years of the prestigious ‘exchange’ hosted by legendary and famous management trainer, speaker, and author John Maxwell.
At the age of 31, Chad moved his team from the RE/MAX agency to Keller Williams Realty. He promptly set a goal to reach $100 million in real estate sales.
Within two years he walked across the stage at the national Keller Williams event as the number one agent (out of 85,000 Keller Williams agents) worldwide in the company. He had 543 sales and $123 million in housing sales volume.
In November 2008 it was time for a new challenge. He left Keller Williams and started his own real estate agent brokerage company.
He thought his experience being a bartender and manager at Trudy’s restaurants in Austin Texas was his career path. He thought he was going to be successful in the restaurant business and dreamed of how awesome it would be to open his own restaurant.
The more he worked in the restaurant industry the more he realized that the crazy weird hours required ran contrary to his family goals. He realized the restaurant industry was not in his future but then had no idea what he was going to do.
He got roped into a business presentation with some awesome people he trusted.
The business model was tantalizing and he had no idea at that time what Amway was. Amway was one of the most successful network marketing companies in the world but still very challenging to succeed in.
He never was financially successful in it but learned a lot about goal setting, mindset and other lessons that served him in his business career since.
He bought his first home at the age of 22 and then promptly decided he was going to invest in real estate. He got into some groups and looked around at the people who were real estate investors and thought to himself, “If these guys can do it, I can certainly do it.”
He met a mentor he went to work for as a buyers agent who turned him on to the book ’30 days to success’.
Other Notes and early days:
He was the star of his high school football team but not the basketball team. He never graduated from college, his father went to prison when he was young and then died when he was 14. He overcame all this turmoil to soar to the heights he’s at today.
Some Shareables from Chad in this episode…
Maintaining and building stronger relationships
“Maintaining a database of people I’ve met and served is key. Continuing to talk to them, keeping in touch, meeting new people, asking about their families and caring enough to keep that information in my database. Talking to them about things that are important in their life like their kids, dreams, has been really key for me. Some current clients I helped buy a home 17 years ago.”
“Biggest mistake — not knowing my numbers. You have to make sure your activities are profitable and you’re very analytical with your financials. This may seem counter to my advice about serving your clients but it’s not because in order to serve your clients at the highest level you must have money coming in. When you’re making tons of money, you don’t keep track of where it’s going. My controller embezzled almost $500,000 from me over three years. She hadn’t been paying the payroll taxes so I had a massive IRS debt. My CFO was supposed to oversee this but didn’t.”
Favorite part of entrepreneur’s journey
“Favorite part of being an entrepreneur — even more than the people I’ve met and the relationships I’ve built, I realized learning, growing and doing things to expand my mindset have been huge. I got to spend lots of time with John Maxwell, one of the greatest leadership trainers on the planet, reading his books and going to his events. As with any entrepreneur, I’ve had a ton of ups and downs. Positive mindset has been key to growing my company and inspiring my people.”
“This weird time in late 2009 in 2010 or I almost lost my company taught me to move on, to grow, to figure out how to do it on my own, to bring on other people and build a new team. So the good thing is I know how to do it.”
“Back in 2002 I started “farming”. In real estate this means consistently blanketing and communicating real estate services to a particular neighborhood. This is mostly done through direct mail and many start to know who you are. I started knocking on the doors of the 450 homes in that neighborhood. Almost no realtor knocks on doors these days. I invited the agents in my office to come with me and nobody did. Door knocking launched my takeover of the neighborhood. There’s about 370 sales per year in this neighborhood and I was doing a little over 20% of those.”
Tip for energy on the phone
“Having better energy on the phone starts with your morning routine. Get up and exercise your body AND your mind. The first time you go into the gym you do like one set of curls. It’s very challenging but after a few weeks you notice shape. Our minds strengthen the same way like a muscle. The more you strengthen your mind the better you’ll deal with the ups and downs of business and have better energy.”
To learn more about Chad go to:
News Media Chad Goldwasser has been featured in:
– Austin Business Journal
– KLBJ FM
– Fox Business
– MasterMind Agent
– E Speakers
– Austin Monthly
– CBS Local
– TWC News
– Business Week
– Business Wire
– ABC News