Transform Your Real Estate Game: Tips from Veteran Broker

Stephen Schmidt (01:31)
Welcome to the show where we interview the nation’s leading real estate entrepreneurs. It’s your host Stephen Schmidt And I’m back at it like a bad habit and I got a treat for you guys today. I got Dionne Randle in the house She has been in the real estate space for over 23 years and she’s a broker in the great state of Texas She is the powerhouse behind mod Realty and we’re gonna get into a great conversation today and go all over the place We’re gonna talk maybe a little bit about how you can flip some land

We’re going to talk about the real estate market and her experience and the unique lens that she brings to the table. And we’re excited to have her in the studio today. So just remember before we get started at Investor Fuel, we help real estate investors, service providers and real estate entrepreneurs, 2 to 5X their businesses so they can build the businesses they’ve always wanted in order to live the lives they’ve always dreamed of. That being said, Dionne, welcome to the show. You bet. Always grateful to have a fellow texting on the show.

Dionne Randle (02:19)
Thank you for having me. I appreciate it.

Stephen Schmidt (02:26)
You’re a little south of us here from Dallas where we’re headquartered, but grateful to have you on. So let me ask you a question here to just kick us off. You got started 23 some odd years ago. What got you in the real estate business in the first place and how’d you get to where you’re at today?

Dionne Randle (02:44)
So what got me into it? I was working at a ⁓ CPA firm, a private company, and I was the administrative assistant for a developer. he also, real estate, I mean, even though being a CPA was his degree, but he had a love for real estate. And so I would help him on those projects. And so I would look at

just how much money he made. I looked at how well his properties were flipped. I looked at the new construction he was building. I just had an interest in it and I was like, you know, I want to do this. And so I didn’t quite have the funds, so I decided to get my real estate license instead. And so that got me into it.

Stephen Schmidt (03:35)
Wow. Now so, and tell us a little bit about the evolution of you getting started to where you’re at today.

Dionne Randle (03:41)
Okay, so I eventually ⁓ left him, went to another company, and then I just kept thinking about real estate. So I went ahead, went to school, got my license, and my start was with ⁓ a large company, Remax, and I worked there for 20 years until three years ago I decided to open up my own brokerage.

Stephen Schmidt (04:03)
That’s awesome. So what made you decide to open up your own brokerage and take on all the responsibility at that point?

Dionne Randle (04:09)
⁓

It’s a crazy idea, right? All the responsibility, but. ⁓

Stephen Schmidt (04:12)
For sure.

And brokers don’t always, I think, huge misconception. It doesn’t necessarily mean that it’s always more money that you make either.

Dionne Randle (04:20)
Oh, absolutely not.

I think I made more money as an agent, but it was my desire to help agents out, give them a great product, give them something they haven’t had because we are awesome over here, give them something they haven’t had for not trying to take all their commission for a reduced price.

Stephen Schmidt (04:44)
What, where does it drive to help other people come from?

Dionne Randle (04:48)
I don’t

was just in me. I think when I bought my first house, was when I was 25 years old and I had terrible aging. I had an agent that did not care,

didn’t come to close in, we didn’t get inspections, we didn’t do anything. And I think I didn’t like how I was treated. So I felt a need to make certain that anybody I would help, I would take care of. And I wanted anybody, ⁓ any agent that I came in connection with to show

them how ⁓ you take good care of a client so you can get repeat business.

Stephen Schmidt (06:12)
So you had a horrible first experience with an agent how did that how did that pan out?

Dionne Randle (06:20)
gosh. ⁓

So, you know, was so young. you know, I think when you’re touring a house, you rely on somebody or you’re touring any type of property, commercial property, you rely on the expert to point out different things about the property that is not fitting to what your criteria is. And I think because I was so young and my husband and I were both young that we looked at the property for the other people’s furniture. We looked at everything was like, this is so nice. And then when we got there, the house was not clean. There was issues.

with the house. ⁓ It was just a nightmare. And so when I decided to become a real estate agent, I wanted to make sure that I gave great service to anyone ⁓ that I came in connection with.

Stephen Schmidt (07:06)
What was the biggest risk you took early on?

Dionne Randle (07:09)
leaving my job. I’ve worked as an agent part-time for two years and I stepped out on faith without having a real strong database and I made it work. And so I’ve been at this for 21, over 21 years, full-time.

Stephen Schmidt (07:27)
So what separates you from the people that get in it and they fail?

Dionne Randle (07:31)
⁓ I don’t look at it as… You say the people that get in and fail?

Stephen Schmidt (07:36)
Yeah, the people that get in it and they fail. fall on their face in 12 months. They start with no database. They realize they got to make money to still like eat and put gas in their car and all that. like.

Dionne Randle (07:44)
Well, I wanted it.

I wanted this life.

I love real estate. I absolutely love every aspect of it and I wanted it. So I made sure that whatever changes that were going on in the market, I kept intact with them and I made changes. I pivoted throughout my career. I’d taken on new challenges. had one challenge where we were selling commercial land and I had 67 sellers. Nobody else would take that deal. And I just, where people wouldn’t

I mean the deal was the $30,000 deal and some they came to me and asked me would I take it and I was like, yeah, you know I like the challenge so I took it and we closed that deal in like four months but what people didn’t realize is that not only did I only make a thousand dollars in there I gained 67 new clients and Then from there I’ve sold million dollar properties for them. I had for that family alone. I’ve had about 12 transactions off of that $30,000 deal so I don’t think people

Stephen Schmidt (08:34)
Mm.

Dionne Randle (08:45)
people see past their boxy. They don’t see past ⁓ the potential in situations.

Stephen Schmidt (08:55)
Who was your first mentor early on in the game? What did you learn from them?

Dionne Randle (09:00)
His

name is Robert Malone. He’s still my mentor now. I mean, I’ve had other mentors, but more on the commercial side, more on the investor side was Robert. But I’ve done Brian Baffini, I’ve done Tom Ferry.

I’ve done all of those guys, as far as a strong mentor has been, his name is Robert Malone, probably can’t Google him, but he is a millionaire in this area and he owns about right now, like he’s at a standstill. He doesn’t develop anymore. He doesn’t build houses anymore. He doesn’t do anything but run his properties that he owned in a very affluent area in the Houston area.

Stephen Schmidt (09:45)
And so what’s the biggest thing that you’ve learned from Robert and working with him over the years?

Dionne Randle (09:52)
I learned patience, waiting for the right opportunity, and pivoting in investing. ⁓ Not only do I teach my clients how to invest, I’m also an investor myself. So it is waiting for the right opportunity or pivoting of whatever is the right opportunity right now.

Stephen Schmidt (10:48)
Tell us a little bit about what you invest in.

Dionne Randle (10:51)
I invest in land, have multi-units land. I do a little bit of flipping ever so often and also built homes. Building is probably my least favorite attraction. more of a, I’ll buy land in areas that are right next to the potential where the growth is and then I sit and wait for the growth to get there and then I sell and flip the land.

Stephen Schmidt (11:15)
What do you like about land versus single family houses or multi-family? What is it about land that you like?

Dionne Randle (11:21)
Well, I like I like multifamily.

I like stuff that’s already built. ⁓ It’s just that the the laws in Houston. I mean, not really the loss there to getting permitting in the Houston area. It’s just it’s a lot of red tape now after COVID and so I was successful. I build houses pre COVID and so the processes were not as difficult as they are now. So they everything is online and whatever, but. ⁓

I do. I still have investors that build, but I like land a lot because it’s not a lot of things that go with it. And I look at some of the land I’ve purchased, I’m making the same profit that I’m making on if I was to build on it. So to me, less problems, less stress, sell the land, and you’re done with it.

Stephen Schmidt (12:10)
Now do you buy the land and hold it long term or what’s your specific strategy?

Dionne Randle (12:14)
⁓ I

will hold it long term. For me, the taxes are higher, but I hold it until it makes sense. ⁓ Some land I have developed. Like I put a multi-unit on something at one point, but I will develop. It just depends on what’s right for right now.

Stephen Schmidt (12:35)
So what are you really focused on in the next 12 to 18 months, let’s say?

Dionne Randle (12:40)
for myself or for clients or just development for myself. Okay.

Stephen Schmidt (12:42)
For yourself. For yourself. This is all about you and your business.

Dionne Randle (12:46)
So right now we’re just sitting on land. We’re running a brokerage. So that’s the most important thing right now for me. But as far as investment, if something comes along, if something comes in our lap, ⁓ my husband and I, we’re business partners, and then we’ll do it. We don’t just go head hunting for everything. Deals have to make sense. And what I tend to do is I have a list of investors that I work with. I give them the deals before I

And if they don’t want it, then I’ll jump on it.

Stephen Schmidt (13:20)
Really? What? That’s interesting because a lot of times I would think that if you’re if your investors are passing on a deal, maybe it’s because it’s not in their buy box. I could understand that aspect. But but I would think that would maybe make me a little more leery if I was an agent or a broker.

Dionne Randle (13:38)
I’m doing the comps. I’m doing the comps. I know it makes sense. Sometimes

they just don’t feel like they want it. And so I feel like I’m an agent first before I’m an investor. And so I feel a due diligence. If I sign an agreement with my clients, I give it to them. If they don’t want it, I buy it. Or if the timing is not right for them and they pass on it, then I’ll take advantage of it.

Stephen Schmidt (13:59)
Do you think that gives you almost an unfair advantage even?

Dionne Randle (14:03)
No, not really because our interests are different. I don’t really have investors that are looking for land to flip. They’re looking more for either property to flip or multi-units of purchase, things like that. where I have multi-units that I own, so they’ve passed up on certain properties that I thought were great and they’re working out to my advantage.

Stephen Schmidt (14:28)
What makes ⁓ a deal an instant no for you?

Dionne Randle (14:33)
The price. I don’t turn down anything. It could be in the worst area. But if the numbers make sense, I buy it. If the numbers don’t make sense, I don’t buy it. So I’m a numbers person. I’m not the one that says, I have to have A properties and B properties. I take the properties that the numbers make sense.

I will occupy a multi-unit in a not so great area and then I’ll get top rinse on it and then I’ll flip it.

if I didn’t want it.

Stephen Schmidt (15:51)
Right, but ultimately you’re looking at does it make sense from a mathematical financial standpoint and then your time frame for exit potentially. Really. So for what you invest in specifically to as your plan to not necessarily buy and hold quite a bit, you always are going to have an exit for it.

Dionne Randle (16:01)
Yes, I always have an exit strategy on everything that I do. Yes.

No, I buy in whole.

But on certain properties, you got to have an exit plan. But I also look at that on everything I do, seriously, even though if I decide I want to hold. So like, let’s say we bought this fourplex in a not so pleasant area where they were just getting section eight on it and got it for a great price. We had to put a lot of money into it to make it how I like to ⁓ have properties and to make our money back. for a short term, for a year and a half, we did Airbnb on it. And so I got all

Stephen Schmidt (16:22)
Hmm.

Mm-hmm.

Dionne Randle (16:48)
my money back out of it that I had to put into it to upgrade. Then we put it on the market for lease and we’re top dollar for it in an area where was not in a top dollar area.

Stephen Schmidt (17:00)
No kidding. How did you, ⁓ what’s the secret to pulling something like that off? What are some of the unique things you did to pull that off?

Dionne Randle (17:07)
Having a good agent.

Having someone, like I have great testimonies from all my clients, you know, because I’ve really take the time to do the research to say, hey, this will make sense. And I give them the, you know, this is what happens if we don’t, if it doesn’t go right, this is what happens if it does go right. And so I give them the ultimate decision. And sometimes they’re scared about certain things that I’m willing to take a risk on and they pass up on it.

But yeah, that was one of the better decisions. Have I ever personally made a bad choice? Yeah, but it didn’t cost me a lot of money. I’m pretty really, really good on my comps. I’m pretty good on the numbers to make sense for me and my clients.

Stephen Schmidt (17:54)
Now you also were leading a team of people. What’s your secret to building long-term relationships in the business?

Dionne Randle (18:01)
⁓ You’re talking about the agents in my brokerage?

Stephen Schmidt (18:05)
In general,

mean real estate ⁓ is a solo sport, but it’s a team sport at the same time. You got to have good relationships all over. So just in general, what’s your unique edge of building relationships?

Dionne Randle (18:12)
So yes.

So I

give good business. tell people, you never heard anybody say, oh, let me refer you to this person. They’re terrible. You’ve never heard that. And so most of my clients, like one person, I’ve done 100 homes with them.

Another person I’ve done 50 homes with them another person and if we’re just talking on a smaller scale just personal I’ve done six transactions with somebody and they referred me to ten people is doing good business. I am good Sometimes you know some of my transactions I get frustrated or it’s a lot of work

But I’d still do it because I felt like I owe it to people to give them good business. And I don’t know if I would have been the same way if I didn’t have such a horrible experience my first go around. But I give good business 100 % all the time. Even with my agents in office.

Stephen Schmidt (19:13)
which I think.

which I think is ultimately like the great separator nowadays, right? It’s the great separator nowadays, right? It’s really not hard to win anymore.

Dionne Randle (19:20)
Say that one more time. Yeah, that’s it. It is the grace separated. No.

No. I don’t feel like it’s hard for me to win on deals. And so. ⁓

The thing that I even teach my agents, I give them the nitty gritty. We do a lot of one-on-one coaching. I make time for people. I don’t even know how I keep the things in my schedule that I have, but I do. I don’t turn down business. I don’t turn down my agents when they have questions. We do have a trainer, but sometimes it goes beyond the scope of the actual trainer, and they need my help or assistance on something. But I just feel like if you feed your agents and you give your agents valuable

information, you help them build their clientele and just give free information to everybody, ⁓ then you won’t have a problem in this business. I don’t burn bridges either. Even if somebody’s passed me up or passed me by, I don’t burn bridges, I still give them free information.

Stephen Schmidt (20:26)
Why not?

Wai is up.

Dionne Randle (20:35)
Think about it like this, because when that other agent or that other broker does something that’s not right, and you’ve picked up the phone as an agent, you called me and you asked me for some advice, but you couldn’t get that same advice from your broker, but you got it from me, where are you going to more likely want to come back to? You don’t want come to me. If you give that free information to a client that is not using you,

And when their deal goes south or something happens, then they’ll come back to you. Even after they close that transaction, they’ll come back to you to sell their property. This happened to me already.

Stephen Schmidt (21:16)
It’s law of reciprocity at the end of the day. Well Dionne, where can people connect with you, learn more about what you’re working on, and go to just find out more about you. ⁓

Dionne Randle (21:18)
Yes, absolutely.

I have a social media page you can also hit us up on our website. ⁓ My social media page is Dionne Dio NNE the broker TAG broker and also our website is www.modmod.com modmod.com we’re in the Houston area.

Stephen Schmidt (21:52)
There you go folks, go connect with her for more. If you’re in the Houston area, look her up and for all of you listening, the real estate pros and the Investor Fuel community, go show her some love. We’re appreciative of her coming in and sharing some insights with us today. There you go folks, have a great rest of your day. Thanks for joining in and listening. Thanks again, Dionne, for being here.

Dionne Randle (22:03)
and we’re in the Houston metropolitan area.

Thank you.

Bye bye.