In this episode you’ll get to hear a conversation between Tom and one of his tribe members on how to approach a big equity list. This tribe member recently completed her first deal and Tom provides some incredible coaching to help her stay on task, leverage her list, and make more deals.
IN THIS EPISODE YOU’LL LEARN:
- Simple tips for marketing to your list
- How to break up a big equity list and find the best neighborhoods in your territory
Simple Tips for your Lists:
- Plot your list across a 2-month (8-week) schedule. When you start, there may be gaps in your marketing schedule – that’s perfectly normal! You just want to be slowly add to your list to fill in the gaps.
- If you mail to a list in Week 2 of Month 1 during your 2-month cycle, then you want to mail that list every Week 2 of Month 1 as your cycle repeats. No more or less.
If you have a really big equity list and it is too expensive to mail every person, here’s what you do:
- Sort the list by address. Why? It allows you to take a shotgun approach to the territory. You’ll start to see certain areas of the territory that stand out or appeal to you.
- As you mature as a Wholesaler, you can shift from a shotgun approach to a sharpshooter approach and focus in on those hot areas.
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Tom Krol: Tell us what you got. You got a good deal under contract. It looks like it’s going to close
Student: Yeah, it’s supposed to close on Friday. The sellers, they already signed off yesterday.
Well, actually [crosstalk 00:01:44].
Tom Krol: The seller already signed the agreement to sell as a title company?
Student: Yeah, because here’s what happened, why we did it early. Really the seller scheduled that.
I didn’t because what happened was there were three people on the deed and I was originally told by the seller
that her parents had deceased, I mean they’re dead and so she’s the only one signing. I was like, “okay, fine,
let’s do the deal” and then I’m asking for death certificates and she said, “actually my mom is still living”.
I just don’t know where she is. So I was like “oh, my God”. Now it can’t close. So yeah, somehow she found her
mom through her aunt and it was done so quickly. Her mom called me, I scheduled her to come in and to title
company and then she just signed everything off right there. And that’s it. I didn’t have to do anything else.
[Crosstalk 00:02:45]. Her daughter came in too and signed off and the money was wired the next day after we
signed already the full amount and the closing costs.
Tom Krol: Irena, I cannot tell you, I am so proud of you because you don’t even realize like we’ve
literally have had company meetings about you. I’m not kidding you. We have been sitting at a conference table
and we’ve been talking about Irena (beep) how we are going to get this lady a deal. Because you know, you’re
trying so hard and like, you know, we always want to encourage you to do the right thing and like we see that
you’re trying, but that was awesome.
So I’m really super proud of you and I think it’s awesome. I’m not going to ring the
victory bell just yet but I know when the seller signs, it’s pretty much a done deal. So just not to jinx you,
I won’t ring the victory bell. But awesome, awesome job. And yeah, anybody who’s on the phone, if you go back
and read some of Irena’s posts, we had to put you back on track like a number of times but it’s working so it’s
Student: Yeah, thank you so much because all these leads everywhere and then everybody was pulling
me out. I mean, so much patience in this tribe. People are just so nice to me, you know? And I’ve been helped
many, many times.
Tom Krol: Well, good. I love it. Absolutely! Your success is our success. All your goals are our
goals so that I’m so happy you have no idea of the whole entire, like everyone’s been talking about it. You
know Derek called and Lerana called and Cody and Bernay. It was like, “Oh, Whoah!”
So it’s awesome. So I’m really happy for you. So here’s the only advice I have for you.
It’s awesome. Congratulations, or prematurely, I won’t congratulate you yet, but very good job. And just keep
me posted on Friday. Just send me like a little text message or a note in Facebook or something. Let me know,
especially if you have a hiccup or anything, I’m especially interested in this particular deal. So keep me
But the other thing too is just, here’s the key, don’t let this one deal be all-
encompassing of your time. Always keep revenue in first position, so make sure everything’s going smoothly with
it. But right now is the time to punch the gas and not pump the brakes. So this is the time to like laser
focus, double down on marketing, really like now is the time to take that revenue and you know, really
structure a nice campaign for your marketing pieces and just really like come out of the gate just going a
hundred miles an hour. That’s the key.
Because sometimes the first deal, it could be a little bit distracting. You know what I
mean? Like your first deal could kind of like take you off course. So just be careful about that. But yeah.
Great, great job. I love it, Irena. I think it’s awesome.
Student: I do have a question because I have all these lists and I need to organize and cycle over
the place. The first mailing was 4,000 tax and then tomorrow’s 3,700 tax are going out again. But it’s more
like it’s been two weeks break between them and I have other lists to work with. [crosstalk 00:05:47].
Tom Krol: Well, okay. So yeah, ReboGateway I get it. ReboGateway in California does work well by the
way. But here’s what I’m going to suggest. Number one is just remember this, right? Albert Einstein, make it as
simple as possible, and not simpler, right? So, here’s the deal: You know the structure by now, right? It’s an
eight-week cycle. So it’s, Week One, Two, Three, Four in Month One and Week One, Two, Three, Four in Month Two.
So all you have to do is plot out your list and your mail campaigns on that two-month
schedule as far as like your concern because there’s gaps and leaps in your marketing, that’s perfectly normal
when you first start. When you first start off every single person on this phone, except for the exception of
maybe just a handful of people, when you first start, you’re going to have a week on, a week off, two weeks on,
three weeks off because your income is inconsistent and your marketing budget is inconsistent. So it’s
perfectly normal, but you just always want to be working towards correcting that.
So you’re right where you should be. Just keep mail going out. Make sure …what list did
you get this deal from?
Student: This was from the Tax Delinquency County List.
Tom Krol: Okay, and when was the last, this one particular list, this portion of the tax delinquent
list, when was the last time it was mailed?
Student: I divided it in half. So the first half went out. It was 7,500 records. So I mailed out the
first 4,000 went out and it was two weeks ago, and I still have, I don’t know, 3,500 or 3,700 left.
Tom Krol: Okay, perfect. So then, all right so where you should start is if that was in Week Two,
January, February, March, right? So it would be Week Two of Month One, right? Because March is a Month One,
right? Because it’s January, February is Month One, Month Two. So then the next month would be March. So you’re
back to your same schedule. So it just makes sure that it goes out on the same week on Month One every Month
One. Right? So that list should be scheduled to go out again. Okay. So you know what I’m saying? So that’s it.
So just keep it simple, keep it sequential. You know, just make sure a lot of that money that you make goes
right…What is the assignment fee that you’re projecting?
Student: 13 five.
Tom Krol: Perfect. I love it. You’re right where you should be. Just all I’m going to say to you is
don’t let this one deal become a distraction but you’re doing great. Keep doing what you’re doing. This is the
time to double down. Go out to see more sellers, like you’re going to have more confidence now. So you want to
go out and see more sellers. Put out more marketing, you know, start laser-focusing and don’t waste time with
anything other than keeping revenue in first position. No logos, business cards, websites, none of that
garbage. All just marketing, going out and seeing sellers, marketing, going out and seeing sellers. That’s it.
I love it. I love it.
Student: I have a question. For example, I have this huge equity list, right? And just one county
alone is 27,000 so how do I…I can’t mail them all in one weekend and repeat in eight weeks because that’s a
lot of money. So how do I do that? How do I divide it?
Tom Krol: First of all, let me just say I have a little bit of territory envy, so let me just get
this out of my system and say, I wish I had that problem that my lists were too big. But now that I’ve said
that, let me say this. Yeah, here’s what I would do with a really big equity list. This is what I would do. I
would sort the list by the address, right? So let’s just say you bought a list of 27,000 you probably bought it
because our pricing is so low in the tribe for an equity. Okay, awesome.
I love that. Great job. So what I would do with a really big list is I would sort the list
by address, right? So why would I do that? So let’s just say you have like one Elm street and two Main Street
and three Magnolia and three Lakehurst Drive, right? Whatever it is. If you sort your equity list by house
number by the address, what will happen is you’ll do like a shotgun approach to the whole entire county. So
that for instance, if you sort by address and then you only take the first like 2,500 and you mail them on week
two then what will happen is you’ll be getting a nice spread out across the whole county. You’ll be getting a
whole, a nice shotgun approach. And what will happen is as you’re going through that mailing, you’ll start to
see like little subdivisions or little areas that you particularly like that they have higher assignment fees
or faster closes or for whatever reason you prefer one area over another.
So that’s way as you mature and grow as a wholesaler, you can then start to become a
sharpshooter and really lock in on those subdivisions and those little areas that nobody else knows about. Does
that make sense?
Student: Yes, it does.
Tom Krol: So that’s how I would handle a big list like that. If you need to break down a big list,
sort it by address and then do it that way. Make sense?
Tom Krol: Easy peasy, lemon squeezy. Awesome, awesome job, Irena. I love it. Great job. Very cool.
Student: Okay, thank you.
Tom Krol: All right. Talk to you soon. All right. Goodbye.