Optimizing Your Time as a Joint Venture Broker

Would you work for minimum wage? Your answer is probably an emphatic, “No!” Then why do you? Many of us would insist that we would never accept a minimum wage job, yet we spend a lot of our time doing minimum wage work. Pay someone else to do it. Optimize your time. Don’t spend your $1,000 per hour skills on $10 per hour work.

Carefully select the JV’s you get involved with. Reject the wrong ones. Good JV’s will attract more good JV’s, because the good people are involved in good JV’s and like attracts like. Go with your gut. An excellent JV relationship will flow easily. You will find yourself at peace and relaxed during and after the negotiations. You will clearly understand the terms and conditions, financial transactions and potential. You can remove risk, selling, and minimize the time involved in a good JV.

If your JV’s involve a similar demographic / psychographic market, you can cross-sell and upsell your JV’s. I don’t even consider any JV that won’t bring me at least $1,000 passive income per month. Only work with people you like, respect, and trust. Look for potential and look for a solid track record. Minimum time and involvement, no cost or risk, maximum leverage and optimal income potential should be your goal. When a deal becomes one-sided, walk away fast. Look out for Red Flags.

Don’t go to a physical meeting until you have done your due diligence and determined why you need a face-to-face. Use e-mail, phone, Internet and clustered meetings. Protect your time and reputation. Pay people to wash, fix, and drive your car. Pay house cleaners and gardeners and use technology to optimize your time. Spend 80% on your efforts on short-term income JV’s, 10% on medium term returns and 10% on long term JV’s. The short terms often attract, introduce, or become medium or long terms. Use timelines, action plans, goals and targets to keep track of results. It’s all about the bottom line. Is it worth your time?

There are three types of people: Dollar Takers, who waste your time and irritate you instead of producing results, They whine and complain and name and blame. Avoid them. Dollar Fakers are the conmen and swindlers who prance around with their coiffed hair and expensive clothes and fleece the sheep. Shun them. Seek out the DollarMakers. Deal with professionals and avoid losers and those who have no money but talk a lot: big hat, no cattle.

Robin J. Elliott www.DollarMakers.com