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RUNNING A SUCCESSFUL REIA MEETING
Does this mean that the only purpose of the REIA is to provide
overwhelming value? Well, yes and no. Providing overwhelming
value is certainly the key to getting people to not only attend this
month, but to also come back month after month. But there is a
second ingredient that is just as important:
Your REIA Must Be Profitable.
Make no mistake about it, your REIA must generate income. Don't
apologize for this. And why try to limit it? The truth is, your REIA
should make as much money as possible without apology. Of
course, this is only under the condition that you've already met the
first purpose, which is to provide overwhelming value. One of the
quickest ways to ruin a REIA is to forget either one of these two
purposes. Despite what you may think, your members know the
difference too. If you're part of a REIA that puts profitability first
above all else, your members can and will smell it a mile away. In
that situation, it becomes obvious that the owners care nothing about
the profitability of their members and are only concerned about
filling their own pocketbooks. Conversely, if a REIA owner is so
concerned about providing overwhelming value that they never get
around to considering the importance of making a profit, that
association is equally doomed.
There is nothing wrong with a REIA making money, and lots of it.
Some of you have a different belief, and we're here to challenge you
on this. A well-run REIA group provides hundreds of thousands if
not millions of dollars of revenue for their members and the
community each and every year. Think about it... every rehabber
who uses the information gained by attending your REIA to
renovate houses, spends money on contractors, supplies, employee
wages, taxes, all of which benefit the community—not to mention
that the rehabber himself is making great money applying what he's
learned at your association. And that's only a rehabber! We haven't
even mentioned landlords, lenders, title companies and the countless
other types of people, or shall we say “vendors,” that your REIA
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