Building a Real Estate Empire: Kimo Quance's Journey

Summary

In this episode of Real Podcast, Kimo Quance shares his journey from a Coast Guard veteran to a successful real estate agent and team leader.

He discusses the importance of building relationships, the impact of media on his career, and the strategic decisions that have shaped his success.

Kimo emphasizes the need for grit, the simplicity of real estate, and the value of networking in achieving success in the industry.

Takeaways

Kimo Quance transitioned from the Coast Guard to real estate sales.

He started as an investor before becoming a real estate agent.

Building relationships is crucial for success in real estate.

Kimo appeared on HGTV's House Hunters, boosting his credibility.

He emphasizes the importance of a calculated approach to business moves.

Kimo advocates for the Profit First model for financial management.

Successful agents often have grit and resilience from life experiences.

Networking within the community is more effective than buying leads.

Kimo believes that contacts equal contracts in real estate.

He encourages new agents to focus on conversations and relationships.

Sound Bites

"You have to be decisive."

"Contacts equal contracts."

"There's no magic to this."

Chapters

00:00 Introduction and Background

03:16 Getting Started in Real Estate and Investing

09:06 Transitioning from Solo Agent to Team Leader

12:38 Overcoming Challenges and Learning from Mistakes

16:40 The Importance of Grit and Simple Strategies for Success

24:03 Key Influences and Advice for Young Real Estate Entrepreneurs

26:31 Conclusion and Contact Information

30:23 R.E.A.L. Podcast Video Outro (1920 x 1080 px) (1920 x 1080 px).mp4

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Transcript

Shane Kilby (00:01)
All right, we are here for another episode of Real Podcast, Real Estate Agent Life. And with us today, we have none other than a good friend in the business, Kimo Quants. Welcome, welcome my friend.

Kimo Quance (00:17)
Thank you guys, I appreciate it.

Duane Murphy (00:19)
Welcome, Kimo.

Kimo Quance (00:20)
What'd say?

Shane Kilby (00:23)
You know, Dwayne, he's always a little loud. Yeah, he's a good hype man, good hype man. So we got you on here today and just want to just, know, give us a little backstory. You know, tell the audience a little bit about chemo and how you got in the business and where he's from, a little bit about your backstory.

Kimo Quance (00:26)
Night, man.

Sure, I'm Kimo Quants, currently live in just south of Nashville. But I'm from San Diego, been out in Nashville here a couple years, born and raised in San Diego. Backstory, veteran in the Coast Guard, got into sales after that and then decided if you're gonna sell something, might as well sell something expensive to make more money. So here we are. Absolutely.

Shane Kilby (01:09)
Big ticket items, big ticket item.

So, I mean, you say you got into sales, know, besides the ticket price, you know, you know, had to be something there that sparked your interest into real estate. What was that?

Kimo Quance (01:25)
Yeah, I don't know exactly what started it, but I started as an investor, you know, at some point. So at 24, I bought my first house. I've been in sales right after I got the Coast Guard, enjoyed sales as in the car business. Second month in the car business, outsold all the other salesmen and made a good living. know, and I was 23, 24 years old, started making 10, $15 ,000 a month, you know, in early 2000s.

And I was like, man, sales is good. Money's flowing. know, life is good. So I bought my first house at 24 and I was living in Las Vegas, right? So money was really flowing right before the crash in Las Vegas. And I decided Vegas got old after a while. And so was like, I'm going to head back to San Diego, back home. And you know what? I'm going to keep this house. I'm going to.

have my first rental. it was like, was 25, 26, moved back to San Diego, had my first rental. And then in that, you know, I was in San Diego working or whatever. And then I was like, man, I need to get a house here now. You know, I'm like, I don't think I can get approved. I already have a house, you know, at 25, 26 years old, who's going to give me another house? Whatever I called the bank. And they're like, yeah, the rental income you get kind of.

helps pay for that, you know, so it doesn't count towards your debt. So we can qualify you for another house. I was like, are you kidding me? So, so I was like, all right, let's do it. So I bought another house and then I was like, you know what, why don't I just do this again? And so then I moved to the next house, you know, I already was getting credit for being a landlord already, you know, so they immediately gave me credit for that second house of income. And so I just did that, you know, in my

20s, early 30s and had a small portfolio. And then I was like, you know what? I love sales here and so might as well get my real estate license so I can find more deals. Right. And then, you know, ended up doing well in the real estate business as well.

Duane Murphy (03:29)
Now, obviously you started as a solo agent or did you start on a team right away under someone else or did you do it the hard way and go solo?

Kimo Quance (03:37)
Yeah, started as a solo.

Yeah, did it the hard way, went solo, failed my way forward, know, kept on spending money on stupid stuff and, but kept on hustling, kept on pushing and do what I needed to do each and every day. I had some good mentors in place, you know, to make sure I was treating my business like a job, right? And being a hard boss on myself, not, you know, obviously sitting back like a lot of agents do and just wait, you know, I got my license now people are going to call me. We all know it doesn't work that way, right?

You know, so I was making the calls, doing the touches you're supposed to do every single day, you know, and then eventually, you know, success happens.

Shane Kilby (04:21)
So, but weren't you on a, so I guess technically you're a movie star. You're famous, right? Then we have some,

Duane Murphy (04:29)
yeah, I forgot about all that TV show stuff.

Kimo Quance (04:29)
Yeah, movie star, yeah, right.

We don't talk about that movie. That one's a, you gotta go deep in the internet for that one. No, I'm just kidding. Sorry.

Shane Kilby (04:41)
No, no, that's

down in the dark web. No, no.

Duane Murphy (04:44)
I had it

on my notes not to bring that up. was like, nope, don't bring that up. Shane just was like, look at that landmine.

Kimo Quance (04:47)
Yeah.

Shane Kilby (04:51)
Yeah, someone's gonna go down that rabbit hole. So yeah, but you did, you found success early on and you ended up on some real estate TV, right?

Kimo Quance (04:53)
It's a short movie. No, I'm just kidding.

Yeah, so it's funny. got my license. I got my license in January. January. I think it was. And I quit my job. I took two months off, went and traveled the world. And I just read real estate books during that two months. I came back. It was April. Got into the business. I was living in one side of my duplex. And I was telling my girlfriend at the time, who's now my wife.

We were watching HGTV and I was like, we should get them to come fix this backyard back here. And one of those backyard crashers or whatever they are. Anyways, so my wife ended up just applying for all different TV shows. And we were, or my girlfriend, my wife now at the time, and three.

Shane Kilby (05:44)
Right?

Duane Murphy (05:56)
Same, it's

all the same person, so you're okay. Yeah, you're all right.

Kimo Quance (06:00)
Yeah, yeah. All the same person.

Sorry, baby. You're watching this. No. So, HGTV house hunters ended up reaching out to us because we were in the middle of buying a place as well. And they liked the dynamic of my girlfriend and me being the realtor, right? And so we went through the process or whatever, and they liked the story. And so they picked us up, you know, to do an episode of HGTV's house hunters. I was literally in the business, like,

six months, if that. So I was like, I had to be a good actor because I didn't know anything about selling houses on my first episode. And then from there, you know, I ended up creating a relationship with the producer and everything at House Hunters. And, you know, I ended up doing four episodes total. Still friends. I'm going to have lunch with the producer here in a couple of weeks. She's going be in town. And yeah, and so that was one of my

Duane Murphy (06:36)
You

Kimo Quance (06:57)
you know, in getting into this business and understanding, you know, in just training and stuff. Like when people have a book or have a radio show or been on TV, you can use that forever. Right. And so my next step was, all right, now I need to get on radio. Right. So I knew there was local realtors on the radio. So I got myself on some radio episodes. And then I was like, well, now I need to be in print.

Right? And so I ended up writing a book. Don't read it. It sucks. But it's an old book now.

Duane Murphy (07:28)
The key question there is are you still collecting royalties from the book?

Kimo Quance (07:31)
No, I make three cents or something like that. But yeah, we ended up going best selling on Amazon, you know, for the book and real estate. so now, you know, forever, I can go on appointments and you know, I can have HGTV's House Hunters, know, best selling author been on the radio, right. And it provides that. What do they call that? Like, yeah, exactly. Yeah. You know, so.

Duane Murphy (07:34)
Yeah.

Shane Kilby (07:52)
Brand authority. Yeah.

Duane Murphy (07:53)
Credibility.

brand authority.

Kimo Quance (07:57)
If you are getting into this business and you're watching this, obviously, figure out. mean, there's things like, I think Help a Reporter is, Help a Reporter Out is no longer around, but there's other companies that do it, where you can get yourself in the newspaper, get your quote somewhere, and you can always put that on your listing presentation or whatever.

Shane Kilby (08:15)
Nice. you, so you actually, you, you, you came into sales, you transitioned, from solo, you transitioned into building your, your own team. And then you, know, which was a bold move, bold move. You, you relocated halfway across the country. Right. Was that, so that had to be like, I mean, first that was ballsy. That was ballsy. big move.

Kimo Quance (08:36)
Yeah. Yeah.

Shane Kilby (08:43)
So walk us through that. mean, just picking your family up and moving them halfway across the country. Walk us through that.

Kimo Quance (08:53)
Well, mean, getting into real estate was all calculated and getting here to Tennessee was all calculated, right? It's not just spur of the moment stuff. Like when I talked about getting into real estate, it was a year in the process of preparing, right? I got myself into, you know, I had my rentals and I was getting this next rental that was going to cash flow really good. was a duplex. I bought for 200 grand in San Diego.

So the mortgage rate at the time, I forgot what it was, but it was low enough to where I could live in one side and the other side actually paid for the whole thing, right? So, and then during that year I was preparing to get in real estate, I was paying off all my debts. So once I quit my job, I literally had enough savings to give myself a runway to be successful for six months. And I had no, you know, I paid off my car as well. So I had no debt going out each month, you know, so I, I.

Premeditated like prepared right to get into bits and same thing for this move here. It wasn't willy -nilly It was you know figuring out what all the threats opportunities, you know that could happen in this transition and Addressing that along the way. I mean the first one was to really get myself out of production So I pushed my it helped me push my team further to get myself out of production so that way I could make the move right so

because at the time I was doing a little more than half the business on the team. And, you know, so that was the first step. And then, you know, I went out of town, you know, for a month, took a vacation for a month to challenge my team and they didn't realize they were being tested. What's that? Yeah. And, you know, just see how that and they actually had more success, you know, when I wasn't there. So that was a, passed that test. And so we continually, you know, did that.

Duane Murphy (10:30)
See what breaks. See what breaks.

Kimo Quance (10:46)
But, you know, there's obviously things that come up that you don't expect that quickly, right? I moved here June 1st of 2022, and June of 2022 was right when interest rates started increasing. So that was something that wasn't anticipated at that time. So that obviously created some other obstacles in being out here. I was just flying back and forth around the team, you know.

Shane Kilby (11:12)
But it's a testament to your leadership, you know, to be able to take that time away and allow your team to make decisions, you know, call shots. I'm sure you had a lot of influence on that, allow them to fail, you know, fail forward, fail fast, fail often, right, and to be decisive.

That's very interesting, very interesting, very, very, very bold move, very bold move. But like you said, it very calculated, very calculated. So you've had a lot of success in business and in sales as an agent, as a team leader, team owner and investor. Has it always been smooth selling? Has there ever been any rocky roads other than...

Out of the left field, obnoxious interest rates and zero time flat. What would you say your greatest struggle hurdle, mountain obstacle has been in business so far?

Kimo Quance (12:21)
Well, there's a lot of issues, a lot of things that go on. I mean, I don't know if there's one big thing. mean, looking back now, obviously hindsight's always 2020, you but there's, you guys read the book Profit First, right? You know, so Profit First, I read the book, you know, when it came out, right? And you read it and you're like, that's good, right? I mean.

Duane Murphy (12:27)
DAILY.

Shane Kilby (12:41)
Yep.

Kimo Quance (12:51)
you know, not implement this, you know, like you should have. But I got here to Tennessee, right? And I ended up reading the book again. And then I read the book, Profit First for Real Estate Investors. And the guy who wrote that is actually a different guy. But, you know, the forward from Mike, who wrote the first book, you know, wrote the forward for the Real Estate Investor book, all the same principles and everything. But the guy who wrote the

investor, profit -first real estate investors, he runs a company called Simple CFO. And I don't make any money from this or anything, but I hired them to help me run profit -first model for all my businesses. And looking back now, I think like a lot of teams, you get a little bloated over time and not tracking your numbers the best you could and spending too much money or whatever.

I make a lot more money now by running the profit first model and prepared for issues that may come up much better. So looking back, you know, over that whole time, I would have done a better job in, you know, managing the finances of the business and cut things sooner, you know what I mean? Or added things sooner. So that's a hurdle. And then obviously, you know, there's a number of things from personnel, you know.

hiring slow, firing fast, you know, that kind of stuff I'd certainly address again.

Duane Murphy (14:23)
Yeah, it's really easy. know, we all look like geniuses and just the most amazing business owners when the market's rocking, right? I mean, everything you touch just turns to cash because everything's just that way. Shane and I were just discussing off camera prior to you coming on, on cutting fat.

Kimo Quance (14:31)
Speak for yourself. I don't know about that.

Duane Murphy (14:51)
you know, trimming stuff and, and, you know, rather than being reactive, being proactive and, and, taking the measures you need to win the market shifts or prior to, and trying to anticipate when that is, even though, you know, in our industry, I think more so than other professions, I think we're, subject to way more drastic swings, you know? So, I mean, everybody was affected by, by the great zombie apocalypse, right?

Kimo Quance (15:15)
Mm

Duane Murphy (15:20)
It wasn't any industry, any profession that wasn't affected by that, obviously, as we were. But when you look at the market right now and what's going on with sales and interest rates and inventory and prices and all of that, yet a majority of other industries and professions are still humbling along. Everyone's feeling the effects of inflation. But for the most part, everything's still flying.

It's one specific industry and then those professions and businesses that are tied to those industries a little bit that are weathering through some of the storm. And like you said, it's that taking the action you need to take in order to get through it, get to the other side, and not only that, but also to thrive in it.

Kimo Quance (16:10)
Yeah, being decisive on some of these things, you know.

Shane Kilby (16:14)
Well, do you guys, mean, here's the, here's the, the, you know, interesting, you know, take it's like, when you come into it's, it's when you come into this business, there are 87 % of agents are in and out of the business in five years or less from the time that they become active in the business. But for those of us who have found success in the business, isn't it interesting how that, you know, came like.

It was almost, it wasn't like natural and it wasn't like we bought the winning lottery ticket, but it's like we had, we had the everyday expenses. Don't get me wrong, nothing like we have today. And we immediately found traction and the ROI that we had when we first came in the business and found that success is just like 50 X from the ROI percentage wise it is today. We've all been taught, you know, the bigger the pile, the smaller the slice.

the end goal, you you end up making more money, but it's ironic that when you continue to create success, I guess it's just you have more choices, more freedom, and sometimes it kind of gets you into some, I wouldn't say bad decision making, but maybe not as good a decision making. I guess because the money's more prevalent, the more options are there.

But is it just me or is it ironic how that takes place when we first come to the business? Everything we touch turns to gold. And then we were making all these other decisions as the money comes in and it's like, okay, maybe we shouldn't have made half of those decisions that we did.

Duane Murphy (17:52)
You

Kimo Quance (17:52)
Yeah, sometimes

you don't need all these bells and whistles, right? I mean, a lot of us have cut a lot of that stuff out these days, right? And the business is still running fine, right? Obviously sales are down nationally and all that kind of stuff. you know, the winners are gonna win, you know, in the long run, right?

Duane Murphy (17:55)
Yeah.

Yeah. So speaking, I'm sorry, Shane. So speaking of that, Kimo, obviously you've had, right? You have a team, you had a team. You've, you've ran across a ton of agents in, your career and, and time span, you know, in a decent amount of our audience, our agents, right? They either want to get into real estate, they are in real estate, right? They're involved in real estate somehow, maybe even business, right? It all, it all applies.

Shane Kilby (18:12)
What would you, go ahead Wayne.

Duane Murphy (18:44)
What do you think makes

make someone also and it's going to make it or isn't because I haven't found a right. can do a disc score. can give them a disc and you can give them, you know, a personality test and you can give them some aptitude stuff. You can run them through some different channels and, think that you got someone who's going to, who's going to step up to the plate and hit home runs every damn time. And I can't hit a curve to save their life. And then you get other ones and you're like, damn right. Like

I don't think this one's gonna make it, but I'm gonna try. Right? I'm gonna just, what the heck? I got some room on my bench. I'm just gonna throw this one in the lineup and just see what happens. And that sucker gets up and just hits dingers. What? I mean, dude. Yeah.

Kimo Quance (19:30)
Yeah, yeah, I don't know. I've been wrong many times on that.

You know, so I don't know what it is. I mean, some of it is just, I mean, it's in you. You just either got it or you don't, you know. You can't teach the finesse of being able to talk to someone or know that you can teach like, okay, don't change this word of the script because it completely changes what you're saying. You can teach that.

Duane Murphy (19:42)
Yeah. What's those traits do you think? I mean, what is it that...

Kimo Quance (20:01)
But I guess can someone actually like implement that in a real live conversation, right? And, you know, with a client or whatever. I don't know. I mean, I've had the people that I told, you know, they can't come on my team. And, you know, I had one, I did not want on my team. And he convinced me, he came back and he's like,

you I forgot exactly what the pitch was, I'm all right, I'll give you a shot. He ended up being one my top agents. And, you know, I don't know the answer to that, but I mean, you got to have that grit. I mean, you got to get out there and do the work. This is a simple job. Put your face and put your belly in front of people, talk to people, have conversations. You're going to run into them. Stop focusing on the wrong things, right? I think all of us try to...

you know, what's the stat? It's 70 % or something like that of all listings are listed with people that the seller knows or were referred to. But for some reason, us as agents want to focus on spending a bunch of money on the 30 % of people who don't know us like us or trust us, you know, and we have to go back like.

Build the community around you. Zillow can't have a better relationship with the person who cuts your hair, with the person who mows your lawn, with your dentist or whatever. Create those relationships. If you're a new agent, build on those relationships. Those are the ones who are your buyers, sellers, gonna refer your business. Stop paying $3 ,000 for a freaking Zillow lead. All right?

Shane Kilby (21:35)
Yeah, think a lot. You nailed it though. It's that grit, right? do not believe you can wake up one day and I'm going to be a hustler. I'm going be a grinder. I'm going to have grit today. I think you have had to have had some life hurdles. You've had to have some pain in your life somewhere that you... Like this is not a comfortable place. I don't want this for my spouse. I don't want this...

for my kids, I don't want this for myself. Like in business that's so simple that everyone seems to have to have for the most part, then the rest is easy. But I think, you know, like all of the different silver, know, linings and the easy buttons that we see, I think a lot of times we're all guilty of FOMO, right? We're all guilty that Dwayne's gonna get this angle, right? And he's gonna be able to just launch it and

pick up another 40 % of market share that they didn't have otherwise off this one thing. And it's an obnoxious amount of money, right? So I look back at sales previous and other businesses I've been in the past and I'm like, God, I've never been okay spending this level of money every 30 days, like annually maybe, but not every 30 days to make these numbers work. So I do think that we get wrapped up in FOMO a lot.

Kimo Quance (22:43)
Good.

Shane Kilby (23:04)
You know, Dwayne, know, we follow Chep Black a lot and in chemo you probably do too or familiar with John Chep Black and you know, man, he just, he nails it. Like you can be at a distance and listen to the guy and go, wow, man, that's good. But I don't know if that's the same for me. But at the end of the day, work works. Simple solves the complex, small hinges move big doors. It's like all that stuff just hits home. It hits home.

So everybody's got an influence in their life, like somebody or something, some trivial individual, maybe it's a grandparent, maybe it's an extra neighbor, friend, book, movie story. What's been your greatest influence in life and business?

Kimo Quance (23:53)
Well, first one is my dad. He always told me I got my sales skills from him. He was a recruiter in the military. He's like, had to sell someone on signing up to go to war or whatever. He's like, you're just selling houses. People want to live in those. My dad, first and foremost, in business, Jeff Cook.

Duane Murphy (24:09)
You

Shane Kilby (24:14)
That's a he's a he had a point.

Kimo Quance (24:23)
out of South Carolina. My business changed quite a bit when I started working with him. Dave Norberg, early in my career, I don't know if you know that name, he was with KW Maps Coaching back in the day. He just hit the phones, that's all he did all day and that's what he taught me and so I was like, it's air conditioning in here, just hitting the phones, that sounds good.

And, I mean, there's, there's a lot of coaches and training involved, but those are the big ones that jump out to me.

Shane Kilby (25:00)
Yeah. So you've, so folks, that, that catch this or watch this was listen to this, download this podcast in the future. You know, here, here's a guy that has been successful in, in sales and, very passionate about real estate, and been very successful in real estate. and if there's one thing chemo that you could, you know,

look back on time and at a younger real estate entrepreneur, what would be a key piece of advice? And we've talked about a lot, know, keeping things simple, don't get caught up in FOMO, work works, know, hammering the phones, having that grit. But if you could look back five years, 10 years, as you came in this business, you know, at a younger age, what would that key piece of advice or suggestion be?

Kimo Quance (26:01)
I mean, it's simple. There's no magic to this. I mean, it's just contacts equals contracts. Right? Just talk to as many people as you can. mean, it's, you know, you always got to be thinking about real estate. And if you're having a conversation, you can let it get off track, but always bring it back, you know, to home where it needs to be. you know, it doesn't mean you need to sell everybody every time you talk to them, you know, but

Shane Kilby (26:07)
I like it.

Duane Murphy (26:07)
That's it.

Kimo Quance (26:30)
You know, have the conversations, whether it's social media, whether it's in person, over the phone, whatever it is, be interested in them and they'll be interested in you eventually. You know, and I forgot to mention too, I mean, I'm here in Nashville now and so I run a team here in Nashville, living TN. You know, so obviously, I watching who needs anything in Nashville? Let us know.

Shane Kilby (26:56)
Yeah, and so, and while we're about, we're going to go ahead and put a bow on this. You know, how, how could any of the listeners, how could they reach out? What's the best way to reach you or stay in contact and, and, and, and connect with chemo.

Duane Murphy (27:10)
Do you have your own HGTV number or something like that?

Kimo Quance (27:15)
Instagram's good chemo quants Just at chemo quants. There's only one of me out there. I think And then spellings around here somewhere Yeah, is it on this side is my corner

Shane Kilby (27:27)
of the corner but you're close.

Duane Murphy (27:30)
Yeah, I think.

Shane Kilby (27:31)
Right, so

another slide.

Kimo Quance (27:35)
My phone number is 615 -392 -1186 615 -392 -1186 Shoot me a text. And yeah, those two places.

Duane Murphy (27:45)
Yeah, I would highly encourage anybody listening to reach out to Kemo. Just a wealth of knowledge. Just a few of the nuggets that you had dropped, the contacts, eco contracts. We all said it. We said it multiple times on this podcast. This business really is simple. We over complicate the hell out of it.

Shane Kilby (27:45)
and

Duane Murphy (28:15)
as team leaders, brokers, right? Right, it's this bell and whistle and this new program and this new pro, you know, this new thing. And it literally just comes down to, right, fill that pipeline with contacts. Have those conversations, like you said, build rapport, just right. Get belly to belly. Have those have those easy conversations and those conversations will turn into contracts and it.

So so often there's so many other bells and whistles being sold and you got to do this and you got to buy that and and it literally just comes down to the basics and you nailed it and hit it out of park on on breaking it down on how simple this business truly is

Kimo Quance (29:01)
Yeah, appreciate it.

Shane Kilby (29:01)
Yeah, absolutely.

And for listeners out there, know, he can help you, him and his team can help you anywhere in the middle of Tennessee. And he's got contacts all over, back in California as well. And he buys and sells, he's an investor, you know, he's a team leader, like he is an all around real estate entrepreneur. So if you guys want to connect with him, we will also include all of his details in the show notes.

So you guys will have those as well. And I guess that's it. We'll put a wrap on it. And Kimo, thanks so much for joining us today. It's been a pleasure connecting with you again as always. And we look to connect with you again real soon, my friend.

Kimo Quance (29:44)
Right on, appreciate it guys, thanks for having me.

Duane Murphy (29:46)
Thanks, Keemo. Appreciate it.

Shane Kilby (29:46)
All right, thanks so much.

Have a good one. See y 'all.