Posted on: August 04, 2020

Here’s an interesting statistic: 4.2 million houses are going to sell in the United States this year and 6 – 10% of those properties are in distress. What does this mean for you? Given that you know what to do, you’ll be able to close as many deals as you want!

In this episode, no less than Mr. TTP himself will teach you pro tips that can help make this year one of your most prolific yet. Keep in mind, there will be 240,000 to 480,000  properties this year that’s all yours for the taking!

If you’re ready to take on the challenge, this is one episode you can’t miss!

Key Takeaways

  • The most important thing after lead generation
  • Three parts of the wholesaling business
  • Three parts of conversion
  • Why you need to list down every lead on your list
  • How often you should make a follow-up
  • Number one thing you should look for in all your lead follow-up efforts
  • How you can find deeply discounted properties
  • What the wholesaling business comes down to
  • Your number one lead follow-up tool

RESOURCES:

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Episode Transcription

Brent Daniels:
Hey, everybody. It is Brent Daniels, Mr. TTP, and let me hit you with some facts real quick. 4.2 million sales this year in the United States. That’s how many houses are going to sell, 4.2 million, and guess what? Guess what’s the huge benefit for us? 6 to 10% of those properties are in distress. That means that’s 240,000 to over 480,000 properties are going to sell this year. How many of those are going to be yours? Seriously, I mean, if you did 10, your life would be different. If you did 50, you’re on the moon. If you did 100, you’re in a whole different place, you’re in the hall of fame, you are doing incredible business. But it all comes down to lead followup, because after lead generation, the most important thing is lead followup.
Now, remember, this business, the wholesaling real estate business comes down to three parts. One, lead generation, two, conversion, three, disposition or exit strategy. What I’m focusing in right now is on conversion, and conversion breaks down into three parts, lead followup, pre-qualify and appointments. Just focusing on lead followup because I see so many people, this is the biggest problem that they have in their business is they just don’t know what to do, or more importantly and more likely is they don’t really have leads, so they don’t want to follow up with anybody because they want to feel like they have enough in their pipeline, that things are going to magically happen. It doesn’t happen that way.
Listen, this is what I want you to do, okay? I want you to put every single lead, I want you just to look at every single lead that you have, I don’t care if you have one or if you have 1,000, you need to put them into two buckets. This is so important. This is one bucket is your hot bucket. One bucket is your bucket that they are going to do something in the next 30 days. They’re going sign a contract with somebody in the next 30 days. They’re going to make a decision in the next 30 days. I actually like it if it’s the next seven to 10 days, it puts more pressure on me. It put more pressure on me when I was doing it myself, puts more pressure on my acquisition managers.
This is exactly what we do in my business. We put the bucket, what is our hot list? We review this every single Friday. I want you to write out every single lead that you have that you’re following up with. It either goes in your hot list or it goes in the we’re waiting to see what happens with COVID list. Because some people, listen, right now more than ever, this is a crazy time. We need to be really, really empathetic and understand that health is the most important thing. It’s crazy. It is so important and we have to understand that some people are not going to make decisions until all this is cleared up and until they’re healthy and we need to respect that.
But we also need to understand the people that need to make a decision right now. That’s who we are focused on. The question comes up, “Well, Brent, how often do I reach out to these people? If they’re a hot lead, how do I make sure that they don’t ghost me?” Listen to me, sometimes they will ghost you. Call them, leave a voicemail, text them every single day until they tell you to go away. I’m serious, if it is somebody that is in that hot bucket, if it is somebody that has talked to you about their property and you’ve had enough opportunity to pre-qualify them, and remember we pre-qualify based on four things, condition of the property, timeline to sell, their motivation and their price.
But let me tell you this right now, the number one thing that we’re looking for on all of these lead followup efforts is what is their motivation? Let me put it simply, what is the problem that they have that they can’t solve with just putting it on the market? What is the problem that they have that they don’t just clean up the property themselves and sell it for sale by owner or seller with a real estate agent? What is their problem? That’s what we’re looking for, okay? Because that’s how you find deeply discounted properties. People will trade equity in their property for speed and convenience. That’s where we come in.
That’s why out of those 4.2 million sales, there’s only 240,000 to over 400,000 this year around the country that are going to sell. The other 3.8 million are going to list it on the markets. That’s not who we’re looking for. We’re looking for people that are in distress. The number one thing that we’re looking for is motivation, motivation, motivation. What is their problem? You’ve got to dig deep, you need to understand, and you need to open up and let the conversation that you’re having with people mature, okay? Remember, this business comes down to one thing, quality conversations with distressed property owners. But part of that comes from lead followups.
So let me give you some tips, some pro tips, and this might sound crazy. You might be like, “Brent, that is so old school. I’m not going to do any of that.” Fine, don’t. But the people that will are going to go right past you. I’m telling you right now, right here is your number one lead followup tool. It’s not a CRM. It’s not a fancy, a formatted Excel sheet that shows you everything about it. It’s right here, baby. You write down their name, their address, and their phone number, and then on the very bottom, you’re going to put the date that you first talked to them. The first time they came into your lead pipeline, you’re going to put it right here in the bottom, and I’m going to challenge you to put a second date on there. You know what that second date is going to say, the second date is the date that you’re going to throw this in the trash can because you’re never going to convert that lead, okay?
Now let me get specific with you, okay? This should be depending on how motivated they are, depends on what your throwaway date is going to be. It could be in two days, it could be in two months. Don’t make it too far, make it challenging for you so that you’re not just sitting around with old leads that’ll never do business with you. You need to work with only people that are going to like you, trust you and work with you. If they’re not going to, if you feel that get rid of them, move on, add more of these cards to your stack, and then on the back, write the details of the condition of the property and what’s going on with these people.
Well, Brent, that’s crazy. I could just do that in my dialer and I can just do that in my CRM and I can just do that digitally. That’s way smarter. Great. Guess what happens? It disappears into fantasy land. It disappears into your computer hard drive that you don’t pay attention to. If you carry these around in your back pocket all the time, guess what? Do you think you’re going to call them? Do you need more than their name, address, phone number and the details of the pre-qualify that you’ve already done? That’s all you need. Stop over complicating this. Obviously, if you have a team and you have accountability and you have this and that, you want to have a CRM. Absolutely.
But when you’re just starting out, this is all you need. If it’s a hot lead new call, three by three, call, texts, voicemail every single day until they tell you to stop. Remember, you’re never going to lose business from too much followup. That’s a fact. You’re going to lose business by not following up in time or not following up at all. It’s weird. We have this mental block that sits in our brain that says, “I don’t want to call these people right now. They’re not ready. I don’t want to call these people. They might tell me they don’t want to sell anymore.” Good. That’s the point. This stack should only be like 10 or 20 deep of people that are going to do business with you.
If you do that every single month, every single year, you’re going to compound and compound and compound, and it’s going to be an incredible business, but keep it simple, and you need to do your lead followup. It is absolutely critical and it’s bananas if you don’t. Remember, if you have bad leads that’ll never convert, you’re just wasting your time. More importantly, you’re wasting their time. Stop doing that. The sooner you get rid of bad leads, the better. Remember, bad leads hide good leads. So don’t do that. The pros get rid. The pros only have a stack of 10 or 12 hot leads that they’re working at all times, and they’re going to convert those, and they’re going to turn these note cards into checks, into income, and that’s the whole point of this.
Make sure that you are focusing, focus, focus, focus. There should never be a lead that is left behind. You should be going after them aggressively every single day. You do that, you will win. If you’re interested in joining the most proactive group in real estate investing, it is the TTP family. Go to wholesalinginc.com/TTP. That’s wholesalinginc/TTP. Until next time guys, I love you. See you.

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