Building a Real Estate Legacy | Pat Hiban

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 peopl...