I pushed probate Monday off this week until Wednesday because I wanted to finish up and post the videos for my Lead Tracking program demonstration. Last week was a pretty busy week, but I don’t really have anything to show for it. Kinda frustrating to have your phone ring and come up with nothing.
For those that think I don’t get down or have my doubts about investing in probate properties, I do. It’s only natural to ride the roller coaster when you are getting going for the first time. It’s tough though because everyone and their mother is talking about the success they are having with Short Sales or REOs which makes it tempting to jump ship and try something else. Not me though, rest assured that I’m staying the Probate course and won’t give up.
What I’ve gotten very good at is ignoring the little guy on my shoulder that wants to take the easy way out. I may not have any results for my efforts so far but I can see some great improvement in my support base and the great relationships I’m creating with successful investors who I’m confident will be there for me when I need help.
As I continue to send out mailers, I’m constently listening and learning how these successful people are doing things. The guy who is providing me my Probate leads is a regular at one of the meetup meetings I attend and is a gold mine of information, strategies and marketing tips that I can use to help get more probate leads.
In the last meeting he shared with me his “speech” he gives potential sellers about what he does and how he comes to the price he can pay. It’s very good and uses a lot of the techniques that I’m reading about in the book Influence. It’s about small yes’s at first. What Brian told me was that he won’t go see a house unless he can get the seller to agree that he (Brian) needs to make a profit.
In the next few days I’m going to work on developing a presentation like Brian’s. When I say presentation, I don’t mean a power point show with pitches,pie charts and such, I’m talking about answers to their questions and an overview on why I’m offering what I’m offering.
Getting the sellers talking and figuring out their motivation, plus some canned answers and offer break down can really form a killer combination. Here are a few points I’m going to make sure to mention when presenting my offer
- Closing costs and fees for a double closing
- Repair Costs. Ask the seller how much they think it would cost to repair the house to sellable condition. Use their number if it’s higher then yours
- Since the seller understands and agrees you need to make a profit you can include that percentage
- Holding costs
- Selling the property at a reduced price to sell quickly
I won’t go into detail about these items, but just put them out there as real costs.
Goals for This Week
My one goal for this week is to send out letters to my March/April List. I’m going to try a new letter a got and see how that one works compared to the other one I have from Ron Mead’s Course (affiliate Link). This new letter is shorter and concentrates more on letting the seller know that I’m buying houses in the area. In a later post I’ll break down what the new letter says.
Just making it up as I go! Have a good week
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