Thursday, April 23, 2009
Maryland, DC & VA Real Estate Investors Need Help Closing Deals - Valarie Jacobs, DMV REIA
Maryland, DC & VA Real Estate Investors Needs Some Help!
"I Have A Real Estate Lead Now What Do I Do?" Part 1
Real Estate Agents and Investors are saturated with "Marketing for Real Estate", "Internet Marketing for Real Estate Investors", "Marketing 101 for Real Estate Agents", etc. While marketing is extremely important, if you master the marketing and don't know what to do with the lead...You don't make any money! Many of you go from tape to class, from class to seminar, from seminar to bootcamp, from bootcamp to webinar, from webinar to blog... When are you gonna go to the bank?
Do you know why most of you have not done a deal or enough deals? You are afraid of this step right here! The rest of you are not afraid but you don't know what to do next or haven't been taught properly. So let's talk about what to do when you get a lead.
Many of you get to this step and lose the deal. What is your closing ratio? Do you know? Do you document when leads call in, where they call from and how many calls end with a deal? This step is not fun but it is very important. Again, I want to move past this step as well.
THE LEAD IS ON THE PHONE!
Let me get some very basic marketing key points out of the way.
You want your leads to find you. It is much easier to get a deal when your client has raised their hand and said "Please help me". Just imagine...when you are at your house and you hear a knock on the door. If you are not expecting company....you may be asleep, you may be afraid...most of us peek first or if you are like me I just don't answer the door; however, if you have invited someone over...you are dressed, the house is nice and you are happy and ready for their arrival. This is the same for your leads when you call them. Find a way for them to call you. I will give you ideas in a future note.
Ok, so you got the lead to call you. What do you want from this call?
The first step is to prescreen the lead:
Your reasons for prescreening are:
1. Ask the RIGHT questions
2. Get basic info regarding the property
3. Determine their true motivation
4. Determine your next step
Confidence is the most important characteristic to exhibit over the telephone. Confidence not cockiness. Many of the people who are calling you are ready to do something now. If they don't choose to work with you, it's because of one of two reasons:
1. they didn't like you
2. they didn't trust you
So how can you show confidence if you don't have it? Or maybe you do have it but you aren't organized so something just doesn't sound quite right to the client.
You need a basic property information sheet. Don't try to remember all the questions. It doesn't work. Veteran investors often get tired of this step but inevitably you forget to ask something. The property information sheet will keep you on track and in control of the conversation. If you don't have a property information sheet, call me and I will send one to you.
Now you may have to take a moment to build a little rapport with the lead before you dive to deep in the questions. Feel your client out. If they are more of a slow paced person, then take it down a notch. If they are spitting the information out to you, then write it down and then just go back and fill in the blanks. Remember in real estate you are in sales. You are selling yourself to sellers and hopefully as time goes on you will be selling the idea of creative financing, owner financing, taking a price less than they expect, etc...so this first contact is crucial to closing the deal.
The main thing that helps is to always put their needs first. "How can you solve their problem?"
This is why you must find their true motivation!
Is it debt relief?
Is it peace of mind?
Everyone is not selling their home because they need money right away. If you are suggesting solutions to the wrong problem, then you will lose the deal.
"I Have a Real Estate Deal Now What?" Part 2 will cover:
How to find true motivation of sellers
Different type of deals
The next step based on the deal
Come and Network with Valarie Jacobs and Other Maryland DC and VA Real Estate Investors at the Top Real Estate Investor Club in the Washington DC area.
DMV Real Estate Investor association Meets Every 1st Saturday at 9am at the Greenbelt, MD, at the Hilton Garden Inn (Right behind Fridays). Tons of Information and free membership! For more information go to http://www.dmvreia.com
You can also find Valarie on Tweeter and Facebook.