Commit To Finding New Deals Everyday
By Paul Esajian on April 21, 2014
In an ideal business, you would have a steady mix of deals closing with new ones coming in. Too many investors fail to keep an eye on their pipelines and bringing in new deals. Unfortunately, they tend to focus only on the ones they are currently working on. Of course it is important to bring these deals to the finish line and see them close, but without the next wave of deals you will be living off past closings. Even if things are going great, it is important to always remember that new deals will sustain your business in the future.
Bringing in new deals often means doing more than just sending out a mailing and hoping for the phone to ring. Getting new deals means following up with current leads, recent leads and finding the time to reach out to existing homeowners. It is shortsighted to think that doing this will not yield immediate results so your time is better used on working on existing deals. Every week you should have a goal to reach regarding new leads. Out of those leads, you should have a realistic conversion rate for your contacts that you can turn into real deals. Without this structure, you will be prone to fluctuations that can be stressful and damaging to your investing business.
The best way to do this is by setting and following a new lead schedule every week. If you block off three hours every Tuesday morning, you have to have the discipline to stick with this regardless of what else is going on. New leads are the lifeline of your business and without them you will not last very long. If these new contacts lead to seeing the property and meeting with the homeowner, you need to arrange your schedule accordingly. The longer you keep pushing these appointments back, the less likely the homeowner will want to sell or sell to you. Whatever else you need to do can probably run without you or can wait a few hours. The minute you dismiss lead generation and put this on the back burner, you will stop having deals to work on.
In addition to working with new leads, you also need to block off time to follow up with recent ones. Making a call and leaving a message is not really giving the lead much of a chance. You should not stop until you get them on the phone or talk to them yourself. If a homeowner left a message with you that means they are interested in what you have to say and you need to talk to them. 70% of the time these conversations will not lead very far, but it is those 30% that can yield you business. Making the initial call is only the first step in the process. Most deals are gained or lost in the follow up.
Getting new deals is not fun or exciting, but it is very important part of the business. Make the commitment to get new deals every week. If you don’t, your business will start to suffer.