Expert Tips for Real Estate SUCCESS

That's a small but effective example, I would think, of what you want to know, a rough idea before you go out, what the hell you're looking at in the comps.

One of the biggest needle movers for me, I believe, in 2025 is going to fall under sort of an umbrella. There's a, there's a few constraints and levers underneath this, but just essentially lead conversion. So under lead conversion, I think For me, it means a few different things. One is, I think a couple folks have already mentioned it, which is just figuring out how to do the follow-up system. A lot of those passive leads, how to really get after them. And then like just the tweaks, right, to the system. When do I call them back? Do I keep sending letters? And just, and, and part of it's organization too. So just, just trying to work on the overall system. And then I think another big one, and it's, I was really helpful for talking through what Jeff was doing. Is the specific parts to the steps to have taken already. I think one change, and I'll just mention this change that I think I need to make. I've sent 2 offers, but I haven't gotten any appointments. So I think I need to kind of take a step back. Even when people are asking like, I want to see numbers, give me the numbers. And I'm like, okay, we'll craft something together, do a lot of research, and I send it to them. It's probably better just to say hold on on the numbers, even if it's like an hour away. Let me go out to your, your place. Let me take a look at it. And just building rapport before I get to the point where I'm sending them an offer. But yeah, I just—

let's hit—

go ahead.

Let's hit those 2 things. And I also want to hear your metrics. I know you're super new, but you came from boot camps. I know you kind of dialed in. And then, Rusty, Rick, if I left stuff out that I'm asking, I'd like to do 3 things. One is how many leads are you getting per week so far? Like since leaving the boot camp?

I've got 38 leads this month. And so we're 2.5 weeks in. Let's just say, let's just say 3, 3 weeks in. So was that maybe 12, 13 leads a week?

Okay, good. So you're almost at the 15. Okay, Rusty, Rick, any questions before we dive into the lead conversion and the 7 steps we've taken so far? As far as—

Question I have for Jeremiah, are you using the folder system or are you using a CRM?

CRM.

Okay. Um, set up a one-on-one with me and I'll get your follow-up system dialed in.

Awesome. Thank you so much.

Thanks, Rick.

Sweet.

You guys may have noticed I just commented on the one-on-one thing because I noticed the coaches are doing a lot more. Hey, Mike. Um, the coaches are reaching out when there's people running again, effort for effort to do one-on-ones, right guys? That's— we just throw energy. We're not trying to push a rope or a noodle. We're trying to pour gas on a fire. Right? So if you show up, we're gonna show up. That's how it works. That's that simple. So great. Thank you, Rick. So lead conversion. Jeremy, I couldn't agree more because if you guys even tweaked the voicemail you left and got 2 extra calls back this week, there might be 80 callbacks this year that you weren't gonna get. Like, it's so important, this conversion item. I love it that you brought it up. Um, for you guys to obsess over that. How can I get the same amount of calls but get more people calling me back or more conversion? And yes, to structure offers, in my opinion, um, I would say, yeah, I'll get your numbers, but I gotta see the whole picture. I gotta come out. Just, this is my process. You control it, not them. They're used to wholesalers and flippers just throwing numbers at them. No, no, that's not how we operate. Here's what happens next. That's how confident. No, here's what happens next. I'm going to come out. I'm going to learn the whole situation, what's best for you. I got to see the property. I'm sure you want to meet me. This is about an asset you have that's pretty valuable. And then we'll talk numbers. They'll respect it, not the opposite.

That's good.

Other parts of the 7 steps to a take-in or conversion, Rick or Rusty or Jeremiah, that we want to hit?

One piece particularly that comes to mind for me is response time. at critical moments. I think sometimes it's good to have like lag times where people can process what you sent, but other times it's really great to be like, okay, I'm gonna do this for you, and then they get it within minutes or hours versus like days. So that's one I think that would be critical for me is being able to reduce response time in critical moments of interaction with, with individuals.

Yeah, I'll just throw out, Jeremiah, um, as far as going an hour. Um, I used to try to stay within an hour, and then I quickly realized, you know, if you're going to get a check for $35,000, is it worth a 2 or even a 3-hour drive? You gotta really take a look at that. Uh, I do, I do make sure that they are— if it's a longer distance, I do make sure they understand what the process is and that they are completely open to it.

Okay. Just whether or not to go on an appointment or not?

Yeah.

Got it.

Jeremiah, so he said the word open. Hey, Jeff, before I come out, I just— like, if you're bopping and weaving and not getting there, right? They're not being too clear. Hey, I just want to make sure, Jeff, before I come out, you are open to some type of structure that we just talked about. I'm not asking you to commit to any numbers. I don't know if I'm committed yet to your property. I don't even know if I want it. I'm just saying, if you're open, I'm willing to take the drive and come see you. Something like that. I just several properties I could think of that I went anywhere between one and three hours out, but only had to do that twice ever in the deal. And the deal is seventy to a hundred grand, you know. So to Rick's point, just weigh it out. Will you strike out sometimes? Will you go two or three hours and go, "Shit, I screwed that up," and you'll know why? Okay, well then you learn and you move on. I've done plenty of them. I don't you guys. No one here was probably. Rusty and Rick and Mike were around when Zach took a high 6 person with him, got to the guy's house at 10 in the morning, and he was just drunk out of his mind. And like, the whole thing was a total waste and he hadn't associated with him. This stuff happens, right? But by and large, you'll have a good experience running that way. Um, did we— is there anything else we can hit on lead conversion or 7 steps to a take-in?

Actually, yeah. Just on offers, if it's like a locked-in deal, is that one— and I know it probably depends on the circumstance, like the risk level. And just, I mean, it's almost probably every single time by circumstance specifically, but is it all right if people send offers or does— is like out of the 7 steps to take, what things do we need to get approval to do?

I'll let you guys hit that.

Go ahead, Russ.

Um, yeah, so we definitely want to go on appointments first before we start making offers, right? And I, I think I described that earlier. You're, you're— if, if we're going to call in while you're, you're at the appointment, or you're at the point where you're comfortable doing appointments on your own, you're going to be constructing hopefully the offer at the table at the house. And then when you come back, you do your research and you're basically— what the offer you're sending out is basically the numbers that you've agreed on already.

And then you're asking about when to pull us in for that point. Jeremiah, be at you when you're back doing that. Is that what you're asking?

Yeah, just trying to figure out, um, obviously the first time you do something, you probably need coach insight, right? Like, wait, this is the first time I'm doing this, how do I work through this? But after you've done it and it's like, I'm comfortable with the numbers, I'm comfortable with the comps, I'm comfortable with the spread on Day 2, just like risk level, right? Tolerance. You're like, this is low risk. I'm ready to go. Do I need approval on low-risk actions as I'm going through 7 steps to take? And for example, just to send an offer out, like if they say yes to this offer as is and they don't have any comebacks, like I think everybody is going to be happy with this offer, but do I need approval for that?

Yeah, Jeremiah, I still not so much, but I still run deals by Chris.

Yeah.

And it's not for approval. It's like, hey, did I miss anything?

Got it.

And I know Rick's are like 100% of the last 10 were great. I'm like, you're all set. But he just does it in case someone's eyes see something that he missed, right? Yesterday, yesterday, this is an offshoot example, but it's how it works. Nick and I both had a set of financials to review from all our property companies, and I've been doing it for years, and he caught like 4 things I didn't catch. It's just another set of eyes. It's And it might be like a couple minutes. I look at Rick's now because I know aside from him doing the most elaborate spreadsheet on the planet, I know his format, so I know what to look at.

Okay.

You don't need approval. It's just that we don't want you guys to get yourself in trouble.

Absolutely.

Let me give you guys some examples, 2 quick examples. The names aren't important and they're not even on this call, but when there's things done that are off checklist, that's where there's problems. When you follow the checklist and the numbers just need tweaking, it takes seconds. Off checklist would be not insuring a sub-to-right. Off checklist, not putting a notice of option on. These things will hurt you. So if you're following the checklist that is in the system, you can't get screwed up. And if you don't know what it is, you just ask the coach. That's more important than any kind of approval. You guys agree with that?

Yes. Yeah, definitely.

Just another set of eyes.

Honestly, in my past experience, I had a deal that I was working that I was sending out an offer on, and Rick was looking at it with me, and he thought of some things that I didn't that actually could have brought in more money, you know, had it worked out. So, you know, it's not just like for protection, but there, you know, are you leaving anything out?

Yes, 100%. Um, Judy, there's a— I communicate with this woman as recent as last week. The story I always tell, and some of you guys have met her at the events, Denise and her husband Marco. Denise was a buyer of mine, a seller of mine, then became a student, but her husband won't let her join Associates. And every— as recent as last week, we were texting, and she knows she leaves gobs of money on the table on her deals. Gobs of money. It's for that reason. She doesn't get eyes on it. Could have paid for high 6, 17 times, whatever the numbers now, but just has to do it on her own. So please don't leave easy money on the table.

But aren't we talking— isn't there a difference between just an example, uh, for discussion versus what you're talking about? I mean, so we should— because I think I, I understood Jeremiah to be talking about more the, um, the, the example, uh, email. Is that not what we were talking about?

I was actually talking of giving numbers that If they were to say yes, we could drop a contract from. So I think it would be a little bit past the example. Yeah.

Oh, okay. Okay.

You guys want to cover yourself on this? Sorry, go ahead, Rick, first.

No, I was going to just say what I do is I run the numbers before I go on the appointment to see, make sure it's going to work.

But I don't—

yeah, just for myself. And you can run that by a coach. Absolutely. And then when you go on the appointment, you have pretty clear in your head how this would work. So you're not looking like you're not quite sure how you're going to structure it.

Yeah, that makes sense.

That's a really good idea because, yeah, then you know, that doesn't question where you can wiggle and what you can't.

Yeah. Yeah. Because if you think it's going to work and you're in the wrong direction and then you send it to the coach and they say, yeah, no, this, you're way off, then You can squash it before you even go.

Here's an example of what you guys are talking about, Devin and Rick. I think one good example is, let's say Rick pre-ran the numbers and he knows the rent comps, I'll make up a number, are probably maxing out at $1,500. And the seller, he or she says, well, I wouldn't do this unless I get $1,800 a month. And he'd be like, no, no, no, here's why we can't do that, because he already prepped. That's a small but effective example, I would think, of what you want to know, a rough idea before you go out, what the hell you're looking at in the comps.

Yeah, that makes sense.

And it's all easy to find. Jeremiah, helpful?

Yes, very. Thank you. Sweet.