Posted on: December 21, 2020

You’ve followed all the steps of wholesaling (virtual or otherwise) down to a T. You’ve invested in all the tools and mentorships you need. However, you’re still not getting any deals closed. Ever wonder what it is that you might be doing wrong?

In this episode, Virtual Investing Mastery’s coach Lauren Hardy discussed what might be hindering you from getting those seemingly elusive deals.

In this short but very meaty episode, Lauren covered all the basics of sales funnel management—one of the key elements of the wholesaling business many people don’t get to manage accordingly.

If you are doing everything you can but you’re still not getting the results you are looking for, this episode is exactly what you’re looking for!

Key Takeaways

  • How to move forward when you have limited budget for marketing
  • Why you need to manage your sales funnel accordingly
  • How to identify what a lead is
  • What to do when a seller says yes
  • Different ways sellers say yes
  • Why you need to keep following up

RESOURCES:

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Episode Transcription

Lauren Hardy:
Hey, what’s up, guys? My name is Lauren Hardy, and I am super excited about what I’m going to be talking about today, because it’s one of my favorite things, sales funnel management. So today, I’m going to read a letter that I got from somebody who was asking for help. And the reason I wanted to read this letter is because I get this question all the time. I know you guys are dealing with the same frustrations and the same questions, so I thought it would be awesome to do an episode where I am reading the letter and I’m giving you guys my answer. “So I’ll get right into it. Very briefly, I am so interested in virtual wholesaling and I’ve taken some steps already and paid a lot for other mentors programs within the past year. I know all the steps to it and I already took action with it as well. However, I was not able to get my first deal done. I am a mom of two girls just like you and I would love to implement this business and grow into real estate.
“Just so you know, I have access to all the software, including REI Automator, Mojo Dialer, BatchLeads, et cetera, and I’ve been paying the fee to have access to them all. I have generated some lead lists already, but I’m stuck at this step as I am done with sending all the text blasting and receiving some responses. Mostly, they’re not interested. I guess my question is, how would I move forward from this point on? My budget is limited to spend in order to make any new marketing and I don’t like to feel disappointed either.” So here’s my answer. It seems like this listener does not have an issue with lead generation. She took a ton of action and she really went after it when it comes to lead generation. But what it does sound like is she needs some coaching in her sales funnel management.
I see this all the time. In our business, a lot of people get into it because they want to into real estate but they don’t have any previous sales or marketing experience. And in this situation, it is very sales intensive, and you really do need to hone in on your sales management systems. There are a lot of amazing books out there and a lot of free information to get better at your sales skills, and I really advise that you do that. Take some time to hone that craft of sales. But most importantly, you really need to learn how to manage your sales funnel. And that is what I’m going to focus on today. I am just going to talk about the sales funnel. So our reader who wrote this letter told me she’s doing the lead generation activities, but she’s getting the people that are not interested. And it really sounds to me that she’s doesn’t know what to do next. She generated leads, but now what?
I find it very hard to believe that she got no seller leads. I’m sure she did in the pile of the people that she either cold called or texted, but she just doesn’t know what a lead sounds like. So the first thing that you need to do in sales funnel management is you need to identify what you are going to consider a lead. And I’m going to do that work for you. A lead is anybody that says, “Yes, they want to sell,” or, “Yes, they’d like an offer for their home.” If they say yes, that person needs to get entered into the funnel. So I get it. There is a lot of ways a seller might say yes that really confuses people, and I am sure if you guys have done any lead generation you know what I’m talking about. There’s answers like, “Well, anything’s for sale at the right price.” Or. “Yeah sure, I’d sell it for,” insert extremely high price here. And then there’s those obvious ones that are like, “Yeah, no, I actually do really want to sell.”
So of those three examples, which one is the lead? Which one are you guys going to put in your sales funnel? The big mistake everybody makes is they only put that last one that says, “Yes, I’d like to sell.” And while you guys are doing that, I am putting all three into my funnel, because they all had one form of, “Yes.” I don’t care that they were being sarcastic, they still go through the process, and I’m going to tell you why in a bit. So your next step in your sales funnel management system is you want to get that person on the phone. So I would put all three of those people into my funnel, which is my CRM. And I’m going to try to get those people on the phone, all three of them. And it’s this stage that some of the three is probably going to disqualify themselves, because they are not going to want to get on the phone with me because they weren’t actually being very serious.
So I might have three that go into my CRM, but it turns out that really only two of them actually got on the phone with me. After I get those two on the phone, I do what’s called qualifying. So I give them my seller qualifying script. Everybody on my team knows the seller qualifying script. So those two sellers would get a call from one of my sales representatives and they would go through the seller qualifying script with them. Now, of the two, you might find that one seems a little bit more motivated than the other. The one maybe that said, “Yep, I’m ready to sell,” that might be the one that actually sounds more traditionally motivated. But what you don’t realize is the one that said, “Yeah, I would sell but for a high number,” they could be motivated too, but you don’t really know yet until you talk to them a little bit further.
And even though they have a high price in mind, it might just be that they need some education. They need you to educate them on the pricing in that particular market. I can’t tell you how many times I have had sellers tell us that they want some extremely high price for a property, but after a few followup calls, after a few months, they’ve completely changed their mind and hey come down to a price where we could actually do the deal with them. And usually, that’s because they start shopping around and they realized that the price you gave them was fair, and if you are the one who continuously follows up with them, they are going to choose you, because believe it or not, most of your competition is going to stop after the first time they speak with them. Most of your competition does not have a good sales funnel management system. But since you listened to this today, you now do.
So keep following up with that seller, because what you’ll find is that seller maybe got multiple offers but none of those investors followed up with them and you are going to be the one that calls them every couple of weeks and you are going to call them at that right moment when they’re finally ready to make a decision and sign a contract to sell their home. So to put this into numbers, a common thing that I see, and I see this with my students, I see this with people that are my listeners is, they will have, say, 100 leads and of the 100 they will only make 20 offers. Believe it or not, I even had some of my friends who I know are pretty successful in this business, they do this exact thing and then when times start getting tough, they come to me and they’re saying, “How are you still closing all these deals in this market?” And I ask them, “How many leads did you get and how many offers did you make?” And they’re only making offers on maybe 20% of the leads they generate.
And that is lighting your marketing dollars on fire. On average, you are going to make offers on about 50% of the leads you generate, and the only reason it’s down to 50% is because the other 50 won’t pick up the phone or they ghost you. After you make offers to anybody that will listen to your offer, you need to continuously follow up until they tell you to stop following up or they get a restraining order. I’m only kidding about the restraining order, but for real, keep following up with them. You have to decide what’s appropriate for your followup system by talking to them. So if they say, “Hey, I need a month to think about it,” give them a month. That’s fine. If they say, “Yeah, follow up with me in a week,” follow up with them in a week. It’s obviously better to follow up more than less, so I would start with following up in about a day or two when you first make the offer, just to check in, and then from there you decide or gauge what is an appropriate followup pattern for that seller.
So that’s it, that is your sales management system all in a short episode. I hope you guys loved this episode today. I know that you are going to get a ton from it. If you like this kind of content, I want you guys to check out my coaching program, because I’ve got so much more to share. You can go to www.virtualinvestingmastery.com. You can fill out an application there and somebody will get back to you. I am coaching with Wholesaling Inc and I coach all things virtual wholesaling. Thank you so much for listening today.

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