In this episode of Real Estate Excellence, you’ll discover the incredible career progression of Susan Hanson, from having been born in a Vietnamese middle-class family to becoming a successful real estate agent in North Dakota!
Susan explains her experiences in travel, mortgage, and insurance and how she turned that knowledge into success in the real estate industry. She also shares how she made it through tough the 2008 market crash and the mindset he adopted to succeed through it, keeping 7 of her 8 investment properties after nearly having lost all of them.
Join Tracy and Susan in this insightful conversation to learn valuable tips on what to look for when buying an investment property, managing maintenance, vetting tenants, and selecting the right tenants for your property.
Tune in now and learn how to succeed in the real estate industry from one of the best!
[00:00 - 07:40] From Vietnam to Real Estate: Susan Hanson's Incredible Career
• Susan Hanson is the leader of the newly formed Hanson Group.
• She spent over a decade in travel, mortgage, and insurance before becoming a real estate agent.
• She was born in Vietnam and moved to Minot, North Dakota, when she was 2.5 years old.
• Susan’s knowledge of mortgages and other real-estate adjacent businesses gave her an edge as she became a real estate agent, but she never stopped pursuing her education.
[07:40 - 14:15] Taking Advantage of Real Estate Investment Opportunities
• Susan worked as a mortgage banker for a brief stint.
• Susan had 8 homes before the 2008 market crash and managed to save seven of them.
• Her wits, resilience, and mindset carried her through that difficult and scary period.
• Real estate is not for the faint of heart but is a great investment.
[14:15 - 21:00] Tips for Finding the Right Tenant and Avoiding Deferred Maintenance
• Long-term investments are more beneficial than quick flips.
• Gather good maintenance people to maintain your properties and build relationships with them.
• Vet tenants carefully. Look for people who are proud and take care of themselves.
• Credit is not the most important factor when vetting tenants.
[21:00 - 27:52] Evolving From Mortgage Broker to Real Estate Agent
• Upswing in rental investment property can be beneficial if done in the right areas with the right people.
• Susan worked as a mortgage broker and a life insurance seller and advisor before becoming a real estate agent.
• She joined a small brokerage through a friend and started learning the business, as she was later approached by Eagles World Realty.
• Although her experience in mortgages gave her an edge, she still dedicated a lot of time to learning.
[27:52 - 35:17] The Importance of Mentors, Training, and Dedication in Real Estate
• Eagles world encouraged Susan to level up and create a team.
• Agents need to understand that they need to put in the hours to be successful.
• New agents should get a mentor or coach for their first several deals.
• Agents should constantly work on their education.
[35:17 - 42:16] The Benefits of Interacting on Social Media with Your Sphere
• Susan's niche in marketing is using her personal social media to celebrate wins and post things personally.
• Facebook is her primary social media platform.
• Interacting with your sphere on social media is important to stay top of mind.
• Commenting on posts, giving compliments, and encouraging conversation are key ways to use social media.
[42:16 - 48:51] Real Estate Agents Working Together for a Successful Transaction
• Every mistake is an opportunity and a reward; the market crash was an opportunity to gain knowledge and respect investments
• Susan talks about the biggest mistakes agent makes:
• Not dedicating enough time to education.
• Seeing other agents as competitors rather than collaborators.
[48:51 - 55:40] Tenacity and Honesty: The Keys to Success in Real Estate
• Tenacity, honesty, and integrity are the most important traits for an agent, according to Susan.
• This means being honest with clients, having a solid work ethic, and a strong mindset.
• When dealing with repair requests, it is important to take time to regroup and respond tactfully.
• When going through an inspection report, it is important to go line by line and address any concerns.
• Understand the buyer's needs and wants, but don't let them overlook any major problems.
[55:41 - 01:02:18] Developing a Process to Close Deals Effectively
• Prioritize concerns and understand the value of the deal.
• Relationships with customers and vendors are key.
• Have confidants on speed dial to answer questions.
• Processes are important for a successful team.
• Focus on safety and necessary repairs.
[01:02:18 - 08:42] Why Who You Know is More Important Than What You Know
• It is important to be around successful people as success will rub off on you
• Who you know is more important than what you know because people that you know will help you arrive at the answers when there are things that you don’t know.
• Networking is a huge part of succeeding in the real estate business.
• Working on your knowledge is another important part, and you can do so through sources like the Real Estate Excellence podcast.
Quotes:
"Investing in real estate is not for the faint of heart, but there is a lot of opportunity out there, and I truly believe that estate is one of the best investments you can possibly make." -Susan Hanson
"Patience pays off when you want to vet your tenants. You need to look for people who are confident and who know how to take care of themselves.” -Susan Hanson
"Real estate is a very difficult industry to be in. My biggest advice would be to really dig into how much you are willing to put of yourself into your business because we are all self-employed." -Susan Hanson
"If you work hard for the people around you and give everything to them, even without expecting a return, that will come back to you tenfold, in one way or the other.” -Susan Hanson
"Rising tide lifts all boats: that’s the attitude that every successful agent that I know has.” -Susan Hanson
Learn more about Susan Hanson’s business and make contact with her by visiting and following her social media and business website:
https://www.facebook.com/SusanHansonRealtor/
https://www.linkedin.com/in/susan-hanson/
https://www.eaglesworldrealty.com/agents/1194444/Susan+Hanson
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