During the boom, investors made profits with all sorts of strategies, even with little knowledge and many mistakes. Those investors may have experienced a rough couple years and may have given up. Here I will discuss the key to break thru and succeed whether a beginner or in a rut.
Are you learning and reading everything you can about real estate? Have you educated yourself on 20 different strategies and you now know how to do all sorts of creative real estate deals? That knowledge will certainly not hurt, but let’s focus on one thing that will be the key to consistent long term success in good times and bad. Find Motivated Sellers!
Not just find motivated sellers, find a ton of them. Have them beating down your door begging you to buy there homes and get to the point where you don’t need to do a deal with them even if it is a great deal. I see it all the time, beginners or those in a rut have only a few deals they are looking at and the take the best one when it isn’t even a good deal. They need the deal to continue to eat, but this often ends in disaster.
Now, you are probably agreeing with me that success will be achieved by having tons of motivated sellers flooding your pipeline consistently whether you are there or not. But how do you do this? Here are some tips to have a consistent flow of motivated sellers coming to you.
- Direct Mail – While you can find deals door knocking and scouring listings, websites, and newspapers this could be very time consuming. Send out direct mail to motivated lists such as foreclosure, out of state owners, expired listings, divorce, probate, etc.
- Learn Direct Response Marketing – educate yourself on direct response marketing and have motivated sellers responding by contacting you.
- Automate – create a system and delegate your direct mail campaign so it happens whether you are there or not.
- Filter – create a system to weed out the duds and only evaluate the prospects that could meet your criteria.
- Pass – it ends up a numbers game, get enough deals and some will be worthy of doing. If you are not getting enough deals, pass and improve your direct mail and marketing strategy.