Your Biggest Weakness is Costing Your Real Estate Business Big Time!
by Fortune Builders
Unfortunately, most investors fail to recognize one of their biggest
weaknesses which costs them many deals, many dollars and many points on
their reputations each month. No, it’s not social media, pulling comps
or rehabbing…
You can be great at sourcing great bargains on properties,
negotiating sweet deals, assessing repairs and marketing your properties
like a real estate investing pro but if you are failing to win on the
follow up and closing the deal when showing homes your model is broken
and you are bleeding away tons of potential profit and business
everyday. Whether you are flipping houses, building a rental portfolio
or both there are 3 holes in your real estate investing business you
need to fix.
1. Follow Up
You can have the slickest marketing in the country, be number one on
Google, have a million website visitors a month and 100 incoming call
and emails a day on your properties but if you don’t keep on top of
follow up you are killing your real estate investing business. Hire a
small army of virtual assistants to answer phone or return emails if you
have to but not replying on time is not an option. Perhaps you don’t
need the extra business today but every burned prospects is worth a
thousand referrals and before you know it people are going to start
avoiding your listings like the plague.
2. Showing Properties
Who is showing your properties? It certainly shouldn’t be you. You
need to be focusing on growing your real estate investing business, not
doing low level busy work. If you are great at flipping properties you
should have your properties pre-sold, sight unseen. If not, this leaves
two options. The first is to bring in a strong closer to meet
prospects at the property not just a body, you can’t afford that. The
second is to save the cash and put keyless locks on your properties to
make them look cooler and enable instant showings. Making sure that you
close on every opportunity could mean flipping at least one more deal a
month. Multiple that profit by 12 and there’s that brand new Benz or
beach vacation you have been dreaming of.
3. Rental Application Fees
May be they work for you but seriously work the numbers before you
collect another one. They are a huge turn off, especially when coupled
with long approval times and worst of all it is often the best tenants
who don’t apply because they don’t feel they should have to wait or jump
through the hoops. Ask yourself what is more valuable for your real
estate investing business, $50 for an application fee or $400 in cash
flow from renting the property today?
go to Fortune Builders
No comments:
Post a Comment