Should You Get Into The Real Estate Business With Family?- EP 175

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are fighting over whether or not to get into real estate with family. Kareen Larsen from Colorado joins the show and fight today as well; She recently started a podcast with Jenn called “Lead Like A Woman" where they talk about leadership and success. Can it really work going into business with your family or should you just avoid it at all costs? Tune in!

Episode Highlights:

• Kareen is with the Kinzli Team in Colorado. She jokes that her dad has been in real estate since real estate began; He has had his license for 54 years and was a realtor in the 60’s and 70’s when brokerages were small and things were very different.
• Kareen shares how as a child, she pretty much grew up in a real estate office. It was a huge part of her upbringing.
• At 23, Kareen returned home to work with her dad after she realized that the city life was not for her.
• What about a niche in the real estate world? Kareen shares her experience with her and her father and the type of real estate they do.
• What about differing strategies and opinions? 
• Kareen says her philosophy is that the focus needs to be on the team as a whole not on her as the individual.
• “Every success comes from a whole team effort and if you think you did it by yourself, you are absolutely wrong”, says Kareen.
• Monica has heard way more nightmares than success stories with family members getting into business together.
• How should you think well about a business partner? 
• Compensation throws people into the weeds. How do you figure it out?
• Different seasons need different support levels. Kareen shares how her team places emphasis on helping one another, trusting one another, and making space for everyone to take breaks and be there for their family as well.
• Real estate is an all consuming business. Balance is hard to implement but so important.
• Monica shares what advice she gives to anyone considering partnering in the business, starting a team, etc.
• What kind of unique roles could you have to create a thriving team?
• Jenn says she is in agreement that it definitely depends on who your family is and whether or not it makes business sense first. 
• Kareen shares questions that in hindsight, she should have asked when going into her father’s established real estate business.
• After you have been in business so long, you really are an advisor.
• How do you set up expectations to evaluate or reevaluate if things don’t work as you originally agreed for them to?
• Monica talks about experience examples 
• Kareen grew up on a ranch and in an environment where work was a part of daily life and it was a privilege.
• Monica would say 85% of the time it is a bad idea to go in with family because the beautiful success story that Kareen shares does not seem like the norm.
• Jenn and Kareen talk about launching their new podcast.

  

3 Key Points:

1. Jenn, Monica, and Kareen discuss the importance of team focus over the individual and how Kareen has seen it played out in her experience and career.
2. There are hard questions that you need to ask before you go into business together as well as make sure you align fundamentally. Kareen discusses the questions that you need to ask when you’re considering it. 
3. Kareen talks about the importance of mentorship and how it is missing in the industry.

 

Resources Mentioned:

• Jenn Murtland LinkedIn | Facebook | (513) 400-1691 | Website | Instagram
• https://jennifermurtland.com/Vault/
• Monica Weakley website | LinkedIn | Facebook
• Real Estate Fight Club Podcast  Facebook page | Instagram | YouTube

Kareen Larsen - 970-568-3600

https://kinzliteam.homesincolorado.com/

 

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