The "Real Estate Investor Seeks Apprentice" Signs

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Why are the "Apprentice" signs spreading?
As you may have guessed, Nouveau Riche University/Corporation has a referral program. Actually, they have two referral programs, the "Wealth Cycle", and the "College Tuition Reimbursement Program".

Like a multi-level marketing (MLM) scheme, students who sign up for an Nouveau Riche education package are encouraged to spread the word and sell the Nouveau Riche lecture bundles to their friends and family. Each paid tuition they sell means cash back, and the entire value of their tuition can be reimbursed with four paid referral sales. 

This is where the "Real Estate Apprentice" signs are coming from. Students who paid $3,000 tuition are trying to make it back again by finding new recruits. 

The "Wealth Cycle" referral program is similar, but recognizes the promotional value of a big real estate portfolio. An impressive portfolio of real estate holdings makes it easier to sell the Nouveau Riche University classes, so any income from tuition referrals is encouraged to be used in acquiring real estate properties.

From Chris Record's Nouveau Riche Website:
"Then they enroll with Nouveau Riche, and you get paid for the referrals, and you turn around and invest that income into more properties, which gives you more credibility, which helps you lead more people to the university, and on and on.

The problem with generous referral programs is that they tend to create liars. If I am referring people to a web-hosting service, and I'm making $100 for each person that follows my referral and buys hosting, I'm going to be a little more creative in my sales pitch. This is particularly true if I don't have a sales manager, if there is no sales oversight or sales guidelines.

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February 21, 2007 

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