Building a Real Estate Legacy

Pat Hiban is one of the most well-known names in real estate. From having sold over a billion dollars in real estate himself to founding the Real Estate Rockstars podcast to writing the best-selling books: Six Steps to Seven Figures and Tribe of Millionaires to founding the Gobundance mastermind group, Pat has built an incredible legacy in our industry.

Today, we have the good fortune of standing on the shoulders of this giant and learn how to build a legacy through real estate.

Justin Stoddart
Ladies and gentlemen, good morning, and welcome back to the Think Bigger Real Estate Show. I’m your host, Justin Stoddart and I’m thrilled today to bring someone to you who’s going to help you create a real estate legacy. He’s done it himself, he’s helping others do it, he can help you do it as well. He’s gonna lay out the blueprint of what that looks like.

Justin Stoddart
Before I fully introduce him, let me remind you that inside of the Think Bigger Real Estate Group on Facebook, we take these topics that you’re hearing, and we invite you into the learning, we learn best when we engage in it. And that’s what the group is for is to take the topics of this podcast this show, and drive them deep into your life so that you become the future self that you want to become.

Justin Stoddart
Back to today’s guest, his name is Pat Hiban. Many of you know him as the founder of the very popular podcast that was one of the very first things I listened to when I got into the industry, Real Estate Rockstars. He’s also the author of Six Steps to Seven Figures, this book that I absolutely loved a more recent book, which is called Tribe of Millionaires where he talks about his path to surround himself with amazing people. He’s done that through building the group Gobundance, many of you have heard about that.

Justin Stoddart
There’s also an opportunity to talk about a new group that he’s created Gobundance Emerge, which is for the up-and-coming millionaires.

Justin Stoddart
Today’s guests with no further ado, his name is Pat Hiban. Pat, thanks for coming on the show today, my friend.

Pat Hiban
Thanks, Justin, good to be here, buddy. Hopefully, it’ll come through clear, I’m on my way to Charlotte, North Carolina in the car, so but I’m looking forward to digging deep with it.

Justin Stoddart
I’m excited to have you here. And I know from someone who’s pretty close to you, who’d said, Hey, Pat takes whatever he’s doing at the moment, he takes it very seriously. And he’s currently in a bit of a retirement mode, he’s taken a kind of some time to really focus on that. And, you know, maybe you can speak to that a little bit, but I would imagine that part of your success, Pat, has been just this ability to focus on whatever it is that you’re doing at that particular phase of life. Is that true?

Pat Hiban
Yeah, absolutely. I mean, you know, my goals, Justin was always to be able to work from anywhere, and it’s cut the guy that checks his emails and, and counts his money, so to speak, know how to, like, look at different spreadsheets and talk to a player, property manager or an accountant, you’re there, you know, that was kind of always my vision. And that’s kind of my reality now on that, and of course, you know, go find it, some of their abundance with three other partners. And, you know, that’s fastly growing up to 380 members suddenly COVID, just because to a whole new level, as for membership, and so, you know, that’s, that’s always fun to do and then meeting new people through that. So 10 to 20 hours a week nowadays of my time. So that’s kind of where I’m at.

Justin Stoddart
So you’ve really taken I mean, after selling over a billion dollars in real estate, you’ve kind of taken and maybe retirement, is that the right term? It’s more it’s kind of a different phase, maybe more of a legacy phase of your career. Is that maybe a better way to put it?

Pat Hiban
Yeah, absolutely.

Justin Stoddart
So what I really want to get from you today, Pat, and again, I’m so appreciative of you being here, is if you were talking to an agent that had aspirations to not just build a great income, and a great business in this industry, but to really create a legacy to really create something that that, you know, stood the test of time that really impacted people in a much bigger way than just some zeros in their bank account. What’s the blueprint that you would give to people? Like what are some of the key things that maybe people don’t know about you? Or that maybe even those that are close to you know, that like, what, like what guidance? What advice would you give to those that really want to create that?

Pat Hiban
Yeah, that’s a great question. I think that you know, if you ever want to create a legacy, I mean, here’s the thing. There are millions of real estate agents, and unfortunately, most of them are the same. Right? Unfortunately, most of them are, you know, their career consists of a sphere of influence referrals. And working with clients and giving them the best possible service and, and having integrity, honesty, and knowledge of some cliches like that. And if you really want to have a legacy. I think you need to do something different. You have to do something for your markets. That’s the fascinating thing that their agents are doing but you got to think outside the box.

Justin Stoddart
Okay, very good. Yep, it’s Yep, I think it just got a little bit better. So what I’m hearing you say is is don’t just be a carbon copy of the agent down the hall, right? Don’t just say, Oh, hey, they had success, or this is what all real estate agents do that I should do it too, but start to put some sort of thought into both your value proposition as well as kind of the unique life that you want to have that that said,

Pat Hiban
Absolutely.

Justin Stoddart
Now, again, you produce at a very high level for a long time, right. And then you get into some ownership, how important is that you think for for agents to really take a look at it kind of starting to build equity, whether it be through real estate investments, whether it be through the franchise model, stock options, like what, how important is it you think, for people to really kind of take a look and say, like, I need to own not just rent, right? But own assets?

Pat Hiban
Very important. Very important, like, your false prophet if you don’t, if you sell real estate, but you don’t invest in real estate yourself.

Justin Stoddart
Yeah, yeah, no, that’s great. False Prophet. If you don’t, if you just sell and don’t invest in real estate, it’s awesome.

Pat Hiban
Yeah, so you know, I remember when I first got a visit, it was an agent in, in my office who fizbo their house and they and broker buyer, and totally, so I’m like, Really? So I mean, he had agents running or, you know, you should always be an owner, if you’re gonna do anything yourself should use yourself, right. So, so yeah, and of course, it’s, the majority of the really wealthy people in the world are real estate owners. They got rich through real estate. So. So that’s something that I recommend to everybody. And that’s something that I did, I always bought houses. And then it just did the monopoly model where you sell your little green houses and turn them into a big red hotel.

Justin Stoddart
I think there’s massive credibility in someone’s book when the foreword is written by Gary Keller. And there’s a testimonial by Barbara Corcoran, looking here at your book. And, you know, one thing that Gary teaches is to only sell the homes you don’t buy, right. And I think that’s kind of what you’re saying is like, it’s really hard to be a great broker yourself of stuff that you don’t actually believe in, or that you haven’t situated your life, and prioritized your life in such a way that you’re an owner as well. It’s good stuff, Pat.

Justin Stoddart
Talk to us a little bit about your group, Gobundance, and Gobundance Emerge. How much of a part have these masterminds, these groups, benefited your ongoing rise, right? Where you weren’t just one of those agents who had a successful career and then kind of rode off into the sunset? Like, I feel like you’re in a very robust chapter of your life. Now. 300 people are a part of, again, a paid mastermind, right? That’s a serious business, in and of itself. How much do you how much stock do you put into that group forming your significant chapter, right? You’ve got your successful chapter where you wrote these impressive books, you produce at a high level, now you’re into the significant chapter, right? Where it’s really about, about building a legacy. How important is it for people to kind of be around those kinds of people?

Unknown Speaker
Well, no, it’s everything. It’s everything. Like if you read Napoleon Hill’s Think & Grow Rich, I remember an interview that he did one time where they asked him, he said, This book is awesome and everything you have in this book Think & Grow Rich exists. But if you had to pick one thing that boiled down to why people succeed, where others don’t, what would that one thing be and Napoleon Hill said, I’m not going to give you the one I’m going to give you two. And he said, the first one is they quit too early, right, their feet from gold or whatever, and they stopped digging.

Unknown Speaker
And the second thing is, they fail to create an effective mastermind. And what he meant by that is the first to surround themselves with people that are smarter than themselves better than themselves, or people that can offer them advice and that they take advice from. Napoleon Hill itself had a mastermind with Henry Firestone You know, Henry Ford, some, some of the biggest, smartest people in the world. And so that’s, that’s what happens. And that’s what abundance is. It’s a huge mastermind. We have 308 guys that mastermind together and learn from each other and Gobundance Emerge, which is basically the up and comers and people that want to go from zero to hero, people that want to become millionaires, we give tactical advice on specific things they need to do step by step to become a millionaire, so they can become a member of Gobundance. So we’ve had close to 10 people from Gobundance Emerge, which is on us, gobundanceemerge.com, who have become members of Gobundance, which means they became a millionaire, so they pass the litmus test to become a member of Gobundance.

Justin Stoddart
I love it, you almost have this succession plan, right? Start off at go abundancy merge become a millionaire. And then at that point, you graduate up into the major leagues, up with the big boys.

Pat Hiban
Yes.

Justin Stoddart
I love it. I want to talk about one other topic here. That’s what’s been on my mind recently, Pat. I would imagine that at some point during your career, you had had a coach. Right. And I separate this from the concept, of masterminds. Right. I do believe that those are kind of two separate purposes, even kind of two separate potential functions. Do you believe in coaching? And if so, like, what do you think is broken with the current coaching models that are out there? Not that I’m going to speak ill of it. But like, if you were to improve upon the current coaching models that are out there, what would you do differently?

Unknown Speaker
Well, you know, there’s a couple of aspects, coaching, some coaching things are simply accountability. Right? Did you make the number of calls? Did you do this many pop-bys? Did you, you know, did you do these things? And I think that that’s great for people that need accountability. Certainly, there are people in life that don’t, that are self-accountable, right? I mean, anybody that goes to the gym three days a week is accountable to himself, right? So I don’t think everybody needs a coach, I think coaching is good when you want to take yourself to another level, I think it’s important that you get advice from someone.

Unknown Speaker
Again, I’ll use the word tactical, not strategy, like a cliche and thinking or reading a book that you buy on Amazon. But like, specifically, tell me what to do every day, that’s going to take me and specifically tell me what to stop doing in a real estate agent, or CEO’s job, what to stop doing and have someone else do that I get to that next level. I think coaches help with that. I think some agents are addicted to coaching, where they feel like they need a coach and they always have a coach. And that’s fine. It’s not right and wrong. It didn’t mean to look bad, because it does become a large portion of your budget, the more expensive the coach has become. And certainly, masterminds can help take away from its need for coaching, right? If you go to, I don’t care if you’re with Keller, Williams, or REMAX or you just go to the NAR convention, you’re going to meet other agents and other agents that happen to sell twice as many houses. And those other agents are going to be able to teach you and help you grow and get better and sell more houses. And they should latch on it.

Justin Stoddart
Yeah. It’s good stuff. Yeah. No matter where you’re at, be seeking out learn and be seeking people that can teach you something that can help take you to another level. Pat, I want to end with this question. It’s our final question of the show, which is you are a big thinker. You’ve proven that over a masterful career. And now kind of phase two, chapter two, which is a significant portion of your career. What would you say would be kind of your secret to continuing to be a big thinker to continuing to expand Pat Hiban’s possibilities.

Unknown Speaker
What would I recommend to people? I think that here’s the thing, most people, most people don’t believe. They don’t believe that they can be. I’m going to just use the world of real estate. So you have so many agents that sell, you know, 10 to 20 houses a year, right, and that they think that that’s all they want to sell, and that’s all they really can sell. Or maybe it’s the opposite, it’s all they believe that they can sell. So it’s all that they actually do sell or will sell. And I think if you expand your mind by if you read my book Six Steps to Seven Figures that show how I explained, how basically, you can expand your mind, and you and you could see things bigger by surrounding yourself with people who are selling more houses and doing better than you. And also through affirmations and through goal setting and wanting to actually sell more. You got to want, then you believe that can do it. And then it’s just a matter of the technical stuff of how to do it and just implementing that, it’s really those are the three major types of wanted, you know, if you want to go bigger than you already are.

Justin Stoddart
man, I love it, Pat, you’ve really simplified it. Number one, you’ve got to want to actually do more, to think bigger, you’ve got to believe that you can and then from there, it gets easier, it’s just a matter of finding the people that have done it finding the knowledge of the network to help you do it.

Justin Stoddart
And I’ll just put another plug in for GobundanceEmerge.com if anybody here that is an aspiring millionaire that wants to be in that group. That is the Gobundance group where you’re in a tribe of millionaires, people who are thinking bigger at a really high level and continue to help you not build just success, but significance. So I’d encourage you to go take a look at that.

Justin Stoddart
Pat, it’s been a total pleasure want to thank you for taking time out of your trip today, to pour into us here Think Bigger Real Estate Movement, appreciative of you and all that you’ve given for free into the industry. It’s been phenomenal to learn from you over the years. I’m grateful for you grateful to be associated with you. And I appreciate it.

Unknown Speaker
Thank you, Justin, thanks for having me on. Thank you all despite the internet I appreciate you being flexible with that and yeah, it’s gonna help, and anything you need just feel free to reach me out if you guys will find me. I sold all my stuff here a lot of my social media when I sold my podcast but you know I’m still around you could still it you go to goabundance.com website tribeofmillionaires.com if you want a free book we’re giving the book tribe of millionaires away for free all you got to do is pay the shipping on that just go to tribeofbillionaires.com and through those organizations then you get to have more access to me and hopefully come to one of our events in the future and, and meet me and we can break some bread together.

Justin Stoddart
Sounds great, my friend. All right, thank you, everybody. My final request of everybody listening here today, three simple words and they are Go Think Bigger. Thank you, Pat, for helping us do that today. My friend.

Pat Hiban
Justin, it’s been a blast.