Real Estate Investing
FREE BOOK – 24hr Info #: 859-554-3388
"How To Make Money In Your Local Real Estate Market"
Today's Article: "Get Your Phone to Ring, Period!"
There are five steps in this business that will lead to your success. They are:
1. Locate prospects,
2. Pre-screen prospects,
3. Construct and present offers,
4. Follow up and get a commitment,
5. Close quickly and repeat.
This diagram shows where you currently are and the steps you must learn in order to get to a house and check! Post this diagram somewhere you will see it every day. If you get confused, if you ever get overwhelmed, think simple. Think this diagram and find out where the problem is. If you’re not talking to sellers then maybe the problem is you need to get more sellers calling. Let’s diagnose the problem and not guess at it.
Step number one, locating sellers. The only thing that matters in locating sellers is getting your phone to ring, period. If your phone is not ringing with a seller, then you don’t have a house to buy. If you don’t have a house to buy, then you don’t have a house to sell. If you don’t have a house to sell, then you don’t make money and you’re not living your dream.
It all boils down to step number one. This is the most important step. If you don’t do this step, nothing else is going to work out.
I was at a seminar one time and a lady came up to me crying and she said “Brian, I bought all this stuff, spent all this money and I don’t know what to do. I’m overwhelmed. I’m flustered and I just don’t know what to do. Can you tell me what I need to do?” I think her name was Betty. I said, “Betty, the only thing you need to do right now is you need to get your phone to ring. Forget about all the other crap. Forget about wholesaling. Forget about short sales. Forget about retailing. Forget about all the junk. Forget about being overwhelmed. Get your phone to ring with people that want to sell a house. Get your marketing working and then you can start to be a transaction engineer and take those leads that come in and figure out what to do with them after you’ve gathered the facts.”
The more difficult it is to find a seller the better the deal will be. What you want to do is you don’t want to be looking where everyone else is looking. You need to be creative. We have the MLS, for sale by owners, vacant houses, and other types of potential sellers.
All of the inventory is with the MLS, but that’s also where all the competition is. What this means is that you need to be in control of your marketing. If you can target your marketing, find the opportunities, that’s when you’re really going to start to succeed very, very well. I’m not saying there are not deals in the MLS. I’m just saying that it’s going to be more of a pain in the neck, because you’re not going to be in control.
If we can mail a set of letters to some vacant owners or some out of state owners or some tired landlords or stuff where people are not targeting so much, then we’re going to have a lot more opportunity to make our money.
Next is determining your marketing for seller leads. Here are the main ways that we market to find the seller leads that we buy. Direct mail, signs, newspaper ads, website, business cards, door flyers, vehicle ads, house scout system, referrals, Better Business Bureau, outbound calls. You can make outbound calls, too, Free reports, Craigslist, other websites, etc. That’s just ways to market to find sellers. That’s not the types of sellers. That’s just marketing.
Out of all of these my favorite hands down is direct mail. We mail out ugly, handwritten, yellow letters. Your marketing doesn’t have to be pretty. The only point of your marketing is to get your phone to ring. The point of your marketing is not to buy a house. The point of your marketing is not to get a new friend. The point of marketing is nothing more than getting your phone to ring, period!