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  • Building a Personal Brand: How Social Media and Podcasting Can Propel Your Real Estate Ventures with Rich Somers [Ep174]
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October 10, 2023

Building a Personal Brand: How Social Media and Podcasting Can Propel Your Real Estate Ventures with Rich Somers [Ep174]

Today, we have a special guest joining us: Rich Somers, a real estate investor and podcasting expert. In this episode, Rich shares his valuable insights and experiences on building a personal brand, utilizing social media, and the power of podcasting in the real estate industry.

Rich starts off by emphasizing the importance of committing to daily content creation for 90 days to start from zero. He emphasizes the value of studying influencers in your niche and remixing their content with your own unique spin. Rich also highlights the significance of consistent posting to understand the ever-changing algorithms of various platforms.

As a passionate advocate of short-form content, Rich explains how platforms like Twitter can be repurposed on other platforms and discusses the benefits of focusing on familiar subjects and niching down to engage a larger audience.

If you're ready to discover the secrets to building a powerful personal brand, leveraging social media, and exploring new frontiers in real estate investing, then this episode is a must-listen. So grab your headphones and get ready for an enlightening conversation with Rich Somers on The Darin Batchelder Real Estate Investing Show!

Episode Timestamps

  • 00:02:22 Real estate investing, partnership split, personal brand.
  • 00:06:57 Post daily, study others, leverage Twitter, specialize.
  • 00:11:14 Multifamily cap rates low, interest rates high. Short-term rentals profitable, built management company, boutique hotel concept.
  • 00:12:26 Short-term rentals oversaturated, boutique hotels the future.
  • 00:17:37 Boutique hotels thriving in vacation and business areas.
  • 00:19:28 Add value, renovate, hold long term. Refinance.
  • 00:25:02 Bypass OTAs, gain independence with email campaigns.
  • 00:29:05 Real estate meetups in San Diego: networking, chill, unique.
  • 00:31:10 Networking events are crucial for real estate investing. Friends and family may discourage taking risks. Surround yourself with like-minded individuals.
  • 00:37:10 Good point on bonus, early investors take more risk, 10-year fund challenges, raising money through IRAs/401Ks.
  • 00:41:00 Investors can't roll distributions into same fund.
  • 00:41:41 Lack of options for retirement fund distributions.

Episode Table of Contents

  • Committing to Consistent Social Media Content Creation
  • Niche Down and Focus on Familiar Subjects
  • Building a Personal Brand through Podcasting and Social Media
  • Leveraging Free Social Media Content and Email Funnels
  • Exploring Boutique Hotel Investments
  • The Synergy of Networking and Meetups

Committing to Consistent Social Media Content Creation

Committing to Consistent Social Media Content Creation
Photographer: dole777 | Source: Unsplash
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The Importance of Daily Social Media Content for 90 Days

Rich emphasizes that when starting a social media presence from scratch, it can seem daunting. However, he states that the key to success is committing to posting content every single day for 90 days straight. By pushing yourself to create and share content daily, you force yourself to come up with creative ideas and develop helpful content. This consistency over a 90 day period helps you build authority and trust with your audience. It also helps the social media algorithms pick up on your regular activity.

How to Succeed in Content Creation: "The key…commit to posting literally every day."— Rich Somers

Studying Influencers and Remixing Their Content

To generate content ideas when you're just starting out, Rich recommends studying influencers and thought leaders in your niche. See what kind of content they share that resonates with their audience. Then put your own unique spin on it and remix it for your own purposes. This helps provide inspiration when trying to come up with content daily. Just make sure to share it in your own voice.

Understanding the Social Media Algorithms

Rich stresses the importance of remembering that social media algorithms are constantly evolving. Platforms like Instagram, Facebook, and Twitter are regularly updating how their feeds and content are organized. By committing to consistent posting, you'll get a better sense of how the algorithms work over time. This allows you to learn to work with the platform, not against it.

The Power of Podcasts: "So I think the purpose of these shorts really is to drive people to listen to your podcast. And once you get them on your podcast, now they're listening to hours and hours of you. So by the time you hop on a call with them, they already feel comfortable. They're ready to invest their money, they're ready to purchase whatever back end service or products it is that you're offering."— Rich Somers

Twitter for Repurposing Content

One platform Rich highlights as an effective tool is Twitter. The limited character count requires you to be concise. This allows you to easily repurpose content from other platforms like YouTube, Instagram, Facebook, and your blog. Twitter serves as a great way to reach new audiences and recirculate your content.

Niche Down and Focus on Familiar Subjects

Niche Down and Focus on Familiar Subjects
Photographer: Stefan Cosma | Source: Unsplash

Focusing On Familiar Subjects Led to Rich’s Real Estate Investing Success

Rich started his journey into real estate investing and podcasting with partners who were air traffic controllers. These partners took a risk by cashing out their 401(k) retirement accounts and using those funds as seed money to get started with real estate investing. By partnering with people Rich already knew well and focusing their efforts on an area Rich was familiar with from his previous work in real estate, Rich and his partners were able to find success with their new investing venture. Niching down allowed them to leverage their existing knowledge of real estate rather than having to start from scratch in an entirely new domain.

Niching Down Helps Social Media Creators Reach a Specific Audience

More broadly, Rich highlights that niching down on subjects you already have experience with can help creators like podcasters engage their audience. By narrowing your focus to a specific niche you know well, you can share valuable insights that would be hard for others to provide. This allows you to establish yourself as an authority in that particular niche. Rather than covering a wide variety of topics, niching down means you can go more in-depth on a focused subject. This helps attract and retain an audience that is interested specifically in what you have to offer around that niche topic. The niche approach allows creators to stand out rather than get lost in the crowd.

Building a Personal Brand through Podcasting and Social Media

Building a Personal Brand through Podcasting and Social Media
Photographer: Jonathan Velasquez | Source: Unsplash

Rich's Pivotal Moment Branching Out On His Own

Rich shares about a pivotal moment when he felt misaligned with his previous partners and decided to branch out on his own. This led Rich to start his own podcast and even build a podcast studio in downtown San Diego.

The Importance of Building a Personal Brand

Rich emphasizes the importance of building a personal brand through podcasting and social media. Doing so opened doors to new opportunities, partnerships, and access to capital for his fund and back-end products.

Driving Listenership through Social Media

According to Rich, short-form content on platforms like TikTok and other social media can drive people to listen to podcasts. Once listeners spend hours engaging with a podcast, they are more likely to feel comfortable and invest their money in the services or products being offered.

The Power of Podcasting and Long-Form Content

Podcasting allows for in-depth discussions and storytelling that resonate with audiences, building trust and authority. Rich points out that long-form podcast episodes can be repurposed into shorter segments optimized for different platforms. This amplifies the value derived from podcast content. For example, key insights or memorable stories from a 2-hour podcast can be extracted and shared as 1-minute clips on TikTok or Instagram. Reformatting content this way caters to different audience demographics across platforms. Rich believes podcasts attract a more sophisticated, high-net-worth audience compared to TikTok. However, he acknowledges Instagram's significance, with its broad, diverse following.

Leveraging Free Social Media Content and Email Funnels

Leveraging Free Social Media Content and Email Funnels
Photographer: Brett Jordan | Source: Unsplash

Rich recently acquired Hotelinvesting.com, planning to position it as a free educational resource for real estate investors. This allows him to provide value upfront, establishing authority and credibility. Website visitors can be guided into Rich's funnel system through content upgrades and email opt-ins. Their level of engagement with Rich's brand determines the funnel path. For example, investors just starting out may receive general tips and advice. More serious prospects could get access to detailed market reports, analytics, or coaching. This tailored funnel approach nurtures relationships over time, converting visitors into loyal customers. Rich essentially leverages free content to capture investor attention and build trust. Email then facilitates ongoing communication to convert prospects.

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Exploring Boutique Hotel Investments

Exploring Boutique Hotel Investments
Photographer: Marten Bjork | Source: Unsplash

Rich's Rationale for Boutique Hotels

Rich's focus on boutique hotels as an investment opportunity stems from the oversaturation of short-term rentals, particularly in markets like Scottsdale, Arizona. He has observed that many popular markets are starting to impose tighter regulations on short-term rentals or banning them altogether. By identifying areas with tight or pending short-term rental regulations, Rich sees an opportunity to tap into the coastal areas and locations near water that his target market, retiring baby boomers who own boutique hotels in the $2-10 million range, prefers.

The Rise of Boutique Hotels: "And so if you take multifamily and you take short term rentals and marry the two, it's really a boutique hotel."— Rich Somers

The Advantages of Boutique Hotels

In Rich's view, boutique hotels can offer a unique investment opportunity for several reasons. First, they provide owners with a more hands-off investment option compared to owning and operating a short-term rental property directly. The hotel staff handles day-to-day operations, freeing up the owner. Second, with average daily rates of $300-500 in many boutique hotels, the income potential can be higher than traditional multifamily investments like apartments. This makes boutique hotels an attractive alternative to other real estate options for investors. Lastly, the target demographic of retiring baby boomers has a strong preference for boutique hotel locations near coastal areas, allowing investors to capitalize on this demand.

Revitalizing Hotels in Untapped Markets: "We'll put all these units on airbnb and verbo, as well as booking.com hotels.com and all the other OTAs out there. And so simply by doing that, we can really push a big lever to the revenue."— Rich Somers

The Synergy of Networking and Meetups

The Synergy of Networking and Meetups
Photographer: Antenna | Source: Unsplash

Beers and Deals

Rich started organizing Beers and Deals, which has become the largest real estate investing meetup group in San Diego. This meetup focuses purely on networking and does not have any speakers, pitches, or selling. Attendees simply enjoy drinks, views, and socializing in a casual setting. This environment helps real estate investors naturally connect with each other and forge meaningful partnerships. The relaxed and conversational format allows relationships to develop organically. Many of Rich's most significant business connections stemmed from meeting fellow investors at Beers and Deals gatherings.

The Power of Meetups: "I think the power of the meetup really is to get out there, shake some hands and you never know who you're going to meet. There's been folks who have met at our meetups that have partnered on deals together. I've met investors there, I've met partners there. It's just cool to see other folks come in and it's really like a bunch of different folks. Whether they're new real estate investors inspiring to get into the space, or they're folks that have syndicated thousands of deals, they're there. And so it's cool to just kind of see different people come together and network with like minded individuals."— Rich Somers

Yacht Meetup

In addition to Beers and Deals, Rich also organized a real estate investing yacht meetup during the summer season. Meeting on a yacht adds an extra element of luxury and relaxation. Investors can network and discuss deals and opportunities in beautiful scenic settings out on the water. The laidback atmosphere on the yacht fosters deeper conversations and more meaningful interactions between investors. Rich found the unique environment beneficial for forming strong bonds between those attending. The yacht meetups provide a more intimate and memorable networking experience.

Where To Find Rich Somers

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Darin Batchelder

Wealth creation through real estate provided me with a new passion to get the word out and let others know that they have an alternative to investing in the stock market.

If I can inspire and educate just one person to take action that results in life changing wealth creation then the work to launch and grow this podcast is well worth the effort.

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