Terry Royce got his start in real estate in 2008. He has closed over 500 deals and just last year he closed 100 deals alone with his team. It took some time to get there. He was the typical entrepreneur that worked 60-80 hours a week and just was too stubborn to learn from his mistakes. It finally took his business partner to put on the breaks and hire team members out so that they could stop wearing all the hats. That’s when it clicked for Terry and he was determined to take it one step further and be able to freely travel while making an income!
- What does Terry’s business look like today?
- Over the last few years, Terry and his team have done around 90 to 110 deals. 70 to 80% of that wholesale.
- Terry was stubborn during the first few years and felt like he had to wear all the hats at once, and that wasn’t scalable.
- What were some of the early lessons that Terry learned?
- Terry would work 60 to 80 hours a week and was tired of missing all the important life events.
- When you start to have a system in place, you start to realize what you’ve been missing out on all these years.
- Don’t just do an 80/20 analysis on yourself, but ask your team members to do the same.
- Don’t be so naive to think you’re the only one who can do something!
- Your employees are never going to have the same standards as you, the business owner, but the goal is to help teach them to see what you see.
- Can’t get your team to be accountable? Hire people that hold themselves accountable.
- What does it really take to manage a team?
- You can’t treat everyone the same and put everyone in the same box. What motivates your people?
- Embrace your challenges. Don’t hide them.
- What do you want? A lot of what you want might seem simple, but it’s important to verbalize this and actually figure out how to do it.
- Give yourself space to really, really dig into what you really want. Don’t be influenced by outside perspectives. That’s not what you want!
- The inner work is hard to do, but when you do it, it will help set you free
- Remember, you cannot BS your way through the inner work!
Mentioned in This Episode:
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“Most investors are about grinding and out-grinding instead of building. They’re not about growth, they’re about grinding.”
“I was being stubborn and not learning from all these lessons from the previous years.”
“Could you imagine a life with no problems? How boring would that be.”
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