How would you like to double, triple or quadruple the amount of deals that you close over the next year?
There is one task that you can implement in your business that is so vital it can skyrocket your results.
What is this one task you ask? CONSISTENT FOLLOW UP
Consistent follow up with your leads will dramatically increase your results.
Those of you that follow my blog may have read the post that I created which was entirely dedicated to this topic. If you have not read it you can view it here http://bit.ly/26wU181 This post will cover how often to follow up, how to keep track of which leads to follow up, how often to follow up with them and more.
In this post my goal I’m going to give you 3 examples of deals, which have come from consistent follow up, to further show you how important it really is.
I recently put 3 properties under contract. Meaning I have the right to purchase all 3 of them at a given price. I want you to know and understand that these 3 deals didn’t come easy. They were the result of months of consistent follow up.
During my follow up process on these deals I was convinced at one point that each one was dead. The sellers became non responsive to my calls and emails for a long period of time. This is what I call “Going Dark”.
On all three properties there was a period of at least 3-4 weeks where I did not hear from the sellers. They stopped answering their phones and they would not respond to my emails. Never the less, I kept on being persistent with my follow up.
Here is a rough breakdown on each one of the deals.
Summit –A friend of the seller was the first point of contact. She was helping the seller who was in great emotional distress due to the loss of a loved one. After meeting with the seller I felt very good that we were going to come to an agreement. She was not quite ready at that moment to move forward. She wanted to sleep on it.
After that initial meeting she went dark. She did not answer my calls, return my messages or respond to emails.
I decided to reach out to her friend, which I learned was very angry with me. I knew there must be a misunderstanding. I found out that the seller completely misunderstood what I explained to her when we met. Rather than just coming out and saying I can offer x amount and watching her faint because of the low amount, I chose to explain how I arrived at my offer. Although she said she understood what I was saying the truth was she thought I was going to charge her all kinds of expenses such as commissions, closing costs, repair costs, etc.
Even after clearing this misunderstanding up it took another couple of months before the seller was really on board to move forward. During that time I reached out to the seller, and or her friend, at least once a week to check in. Each time I built more and more rapport.
In total, I made about 20 calls over the four-month span and sent 10 emails.
Texas– This was an inheritance lead which came from a direct mail postcard. The executor of this estate was incredibly difficult to reach after he had received my offer. This was actually an out of state property in which I did not have a chance to view the home in person or meet the seller face to face to build rapport.
With this property there were multiple times where the seller went dark. There were times where I called and emailed 3-5 times over a three-week time span before I heard back from him. To be honest, this became quite frustrating. Even after an email acceptance of my offer it still took another month to receive the signed agreement.
Overall, I made about 18 phone calls to the seller, sent about 10 emails and it took 5 months of follow up to seal the deal.
River– This was also an inheritance lead from a direct mail post card. I met with the executor and his wife. I felt the meeting went great. I built a lot of rapport. I knew that this one was going to take some time as it needed to go through the probate process. I also knew it was going to take some time before I could get an offer to them due to not knowing the cost to repair a major foundation issue.
About 2 weeks later I found out they had decided they wanted to list the home with a very persistent agent. I let them know that they are going to have to pay commissions and closing costs if they went that route plus they would have to sell to a cash buyer anyways because of the condition of the home. The agent told them the amount they could sell the home for as is but I know he didn’t have a clue at how much the foundation would cost to repair.
After this call to the seller he went dark. A month went by before he returned my calls & emails. During that time I let him know that the next best step was to obtain foundation bids which would help him regardless of whether he accepted my offer or not.
We set up foundation inspections, which I did not have to be present for but I chose to meet the seller there each time. Although this property was a good distance from me I felt it was worth it to make the drive for 2 main reasons. One, to build more rapport with the seller and the second reason was to further my knowledge on foundation repairs.
Four months after our initial call we ended up coming to an agreement. He could have listed the property with the agent but I feel we made a great connection and he could see that I was up front and honest with him through the entire process. In fact the seller and his wife felt like long time friends after this process.
In total, I made about 23 calls and sent about 8 emails over this process before I received the signed agreement.
I believe the majority of real estate investors out there would have moved on after a few phone calls and lost out on these deals.
Because I stuck to my follow up system I locked up three deals, which will generate anywhere from $30,000 to $120,000 or more in profits depending on if they are wholesaled or rehabbed!! Not bad for making a few phone calls and sending a few emails on a consistent basis.
I promise you that if you implement a rigid follow up system in your real estate investing business it will pay dividends over time. You will experience incredible results over the long run.
Remember that the fortune is in the follow up!
I hope that this post was very helpful to you. If it was, please share with someone who you think may benefit from it.
Here’s to your success!!!
I have a FREE Gift for you!
Click Here for a free 6 step video guide.
Learn how to locate the best deals in your area and find cash buyers for your properties. Fast
Click Here to learn how to avoid the 7 Most Commonly Made Mistakes New Investors Make.
These mistakes can really put an end to your real estate career if not avoided.
Download your FREE Report now!!