Many Real Estate Investors want to close on their first deal as quickly as possible. However, very few actually do because they don’t take the necessary steps to set themselves up for success. Which is why any Real Estate Investor who is worth his spit needs to do these 3 things and these 3 things constantly to be able to build the infrastructure to go on and become successful.
The most important thing you can do in your life when you become a Real Estate Investor is to clone yourself. The best way to do this is to go through your network of friends, family, coworkers, and any other person you know and let them know you have become a Real Estate Investor. Then follow up with them all about how you would love to field any leads or questions someone in their network would have about selling their property anywhere and in any condition. Especially if they are in a distressed situation such as foreclosure, probate, bankruptcy, disaster (water, mold, or fire), or a lack of motivation to fix it up and sell retail. This will turn your current network of people you know into your eyes and hears and bring the deals to you. The most important note to keep in mind in cloning yourself is to be constantly letting them know you’re doing this professionally so when a deal comes up, they know exactly who to call. Especially to those people in your network who are social butterflies and have a constant ear to the heartbeat of the community as they will be the first to know when someone is having trouble, moving out, or of the vacant property nobody likes down the street.
Prospecting is the hardest part of being a Real Estate Investor, but is the most important activity for not only your first 30 days, but for the rest of your Real Estate Investing Career. The reason it is so hard is because it has many of the same characteristics of hunting and fishing that keeps most people from enjoying those activities. Which is the waiting for something to happen and missing the opportunity when it does. Just like with hunting and fishing, you have to be patient and constantly waiting or searching. It may takes hours, days, or months, but eventually it will pan out.
Here is another way to look at it. Think of it as a sales funnel. You need X amount of traffic, to convert Y amount of prospects and close Z amount of deals.
Traffic > Conversion > Monetize
And if there aren’t enough people coming through the funnel, you have a traffic problem (Not enough LOI’s, Advertising, Owner Calls, etc.). If you are getting lots of responses but not converting, you’re finding and attracting the wrong people or having a closing problem and need to work on your offer and salesmanship.
The next most important you can do as a Real Estate Investor in your first 30 days is to follow-up on people. Many believe that following up is simply a part of prospecting. However it is where most people fail to close deals. As they come to the conclusion that a new prospect will land “sooner” rather than exhausting their options to close the ones they already have in hand. Which is why it is a separated from prospecting to emphasize its importance to your Real Estate Investor success.
Now to become good at following up, you have to have a good follow-up routine. To have a good follow-up routine, you have to able to institute these 3 things: Scheduled Time, a Designed System, and Benchmarks.
All of this will fit into your designed system to maximize your scheduled time.
Many people will try to sell you on a magic way to find your real estate deals, but these are the tried and true quickest ways to get your first real estate deal. By utilizing these strategies and having a mentor and accountability partner at the Matrix, you will easily keep on track and get your first deal to close. Just keep your head up and trudge forward and understand that this is the nature of being a successful Real Estate Investor.
Interested in having an accountability partner to help you stay on track in your prospecting? Then register today for a free info meeting on how a partner could help you.