From First Call to Contract: 7 Steps to a Taken

We're just gonna constantly repeat this process and then duplicate it and then fill in the work with a teammate, right? And it's not just you. Clearly identify where we are in the process.

You guys, you guys go to day 2 in here. There's 7 steps to take and you can use the fill out as Zach goes through it. They're in blocks.

Yeah, unfortunately I won't be here, uh, after today. So, but I really want— I think it makes sense to hit you guys with this right now, just so you know where we are in the process when we're making calls. So that way, if it's like Rick's having a conversation on Laura's behalf, right, you guys will know, oh, he's at step 5, and so I'm clear. Versus not knowing where.

Everybody find it in there? 7 steps are taken, empty 7 block.

Where is it?

Yeah. And yes, we will number the pages next time. You're part of the beta.

Beta testing.

Looks like this guy.

Okay.

Okay. Yeah, there you go. Now you got it. These will help.

Yep.

Yeah, this.

The page number, just right to me.

No, we will next time though.

This is also, I just, so you guys can see as this process goes, because we got, we had some of you guys say, well, I want to scale. Well, we're just going to constantly repeat this process and then duplicate it and then fill in the work with a teammate, right? And it's not just you, if that makes sense. Because what we're always going to do is work towards the take-in, and it's going to make sense as I work through this process. Again, I'm just going to do a quick overview. So, uh, call number 1, that's, that's either gonna be you or your virtual assistant. So as you can see, like, this is where this can easily be scaled in that aspect of this is either going to be you or virtual assistant. So that's call number 1. So this is when they reach out to a seller, right? They get a list of leads that you can get from our systems that we already have, like My Plus Leads or LandVoice, which can provide lead sources for expireds, canceled, withdrawn, FSBOs, pre-foreclosures, distressed listings, you name it. But it just starts off as a bunch of names and phone numbers, right? And it's our job then to filter It's to get to a point where we get properties under agreement, where what we're doing is really just understanding their current situation, the current finances on the property, and then determining if we can structure a creative deal, which then if we can solve their problem, because we are in the people business, we just happen to buy real estate.

Right.

So call number 1 is just— this is where you're going to see like what we're talking about is like a property information lead sheet, like because he already had a call number 1, he already reached out, he had some conversations. Right. Or your virtual assistant did. Secondary, once you move from there, you're going to send them an email. The email is then just going to clarify the information you went over and allow them to digest the new concepts in which you present. Most people don't know what a lease purchase is, owner financing, subject to. They don't know what these things are. So you brought up the information, you provided some new information, right? You've asked the questions. Now we're going to provide an email so they can digest it. The likelihood that they need to talk to their partner or their wife, spouse, whoever, is likely. So we get them there. And then what we're then doing is doing a call number 2 or follow-up call, right? This does not stand for anything which you think. It stands for follow-up call. Now the follow-up call. So this call is always, I like to call it generic. Because you're just trying to get information, you're providing concepts. Then here, this is going to be more specific. It's, hey, now based upon the information we talked about and provided, this is how it would work for you specifically for your property. What we're going to be focusing on today is a lot of these 2, column 1s and column 2s. Then from there, where our main goal from the follow-up call is to then Get them really clear on the concepts, how this may work, so that way we can then book an appointment. Reason why we still book appointments is because most people that are buying real estate in our community, you know, the general population, are people that have either new to real estate investing, right, or new to these concepts. So we always believe, which I would guess that you guys would believe, that if you are more likely to close a deal or build a relationship, it would be Be in person versus on the phone, right? So then we book the appointment. Now, the appointment is to look at the actual property itself and make sure that it's something you want to buy, but it's also to build the relationship. You have now gone from real estate investor over the phone to a potential person that can solve my problem because now we've met, we know, like, and trust each other, which is going to— building that relationship is going to create The more likely for you to get favorable terms for you, like no money down deals. Okay. Now, once we've gone on the appointment, then we're going to go ahead and do our research and comps. Yes, that for those of you that love to procrastinate and look up all the comps on the property and review what it looks like online, you don't need to do that because that happens at step number 5. Which, if you are currently in real estate, Whether you're an agent, broker, flipper, you probably do this at the beginning because in those other strategies, the numbers are the number one thing, right? It's like if you're trying to be a real estate investor in wholesaling or selling a property retail, you have to be pretty damn close to the bullseye. Wouldn't you agree? In creative financing, you just got to be on the board to make money because you have all the other options, all the other terms, right? There's always timeframe, principal paydown, cash flow. It makes these things more profitable. So after that, you got to do your research and comps. Then from there, if you haven't already determined the offer— when I say offer, I mean like it could be You're sending out multiple options because you're not 100% sure, or you've already communicated with the seller and you are super clear about what needs to happen in this deal in order to make it, in order to make it an actual structure, right? Because there's a lot of questions we ask, and you could probably, as you get better at the skill sets, right, you're going to be able to determine the offer before you even have to send out multiple options. So at that point in time, you're just clarifying the offer. And then now determining which contract, right? And at that point in time, we just simply fill out the contract. Once we've done that, then of course, once they sign, we have a property under agreement. So all we're going to be doing, and it's, it may, it's actually pretty redundant, but you know what they, Michael Jordan used to always say, right? What is it? The boredom or repetitious boredom? Repetitious boredom. You know what he says? All we're doing is simply moving these steps over and over and over again. And the simple process or system is that we're always working the lead that is closest to the take-in, because all we're simply doing is moving the person from one step to the next over and over and over again. And once we get to that point, that's where a lot of deals come into fruition. So I just want you guys to see this as when we're making phone calls, you're just going to know like, oh, that's, that's at call number 1. So that way you guys can get used to the system. Oh, that was, uh, you know, Rick's talking to that lady. They're at call 4 right now, or they're at step 4 right now. Okay, I understand. Now I'm starting to visualize what it looks like when you're at each step. And that's what creates the clarity, and that's what creates the confidence by being able to see the process over and over again. While you're doing it or before you do it, so you know when you get there.

Yeah, I've got a lot of questions on this, guys.

Property information lead sheet. And I wrote like, this is a generic call, right? And as you get better, right, as your skill set evolves, then you can, you can combine these steps sometimes because you're already used to asking the questions.

Yep.

Yep. So you just fill out a—

is your practice to fill out a PLS right at the start when you call them? Or I always, I always thought maybe I'm supposed to fill them out when it's a lead and they are interested or—

Well, let's talk about the determination of a lead. A lead, the way we always describe a lead is that you have talked to the person, they're going into your follow-up system. Yeah. Yeah. So it doesn't necessarily mean that a lead has to be someone that you're going to buy the property from. Right. As I'm talking with them, I'm filling out the sheet and I'm moving them to step 2, right? So if you talk to them and move them to step 2, that's a lead.

They didn't sell. They didn't tell you to go take a hike.

They're there.

And one of the skill sets in which you guys will learn as you continue to process is by creating a game plan with each lead after you talk with them, whether that be, look, they're with an agent, they want you to wait 60 days. You're like, okay. I'm gonna put them here. I'm gonna call them at 60 days. We've agreed that that's the that's the step, or somebody's like, hey, I like I'm behind on payments. I need to create a game plan to structure this soon. We might be sending emails, call number two, all within 24 hours to get an appointment within the next 48 hours, right? So having a game plan for each lead so that way you know exactly when to talk with them again. And what information to get to them so that we were always making a game plan so that way our follow-up system doesn't ever get too overwhelmed, but instead is very strategic.

Not sure where to get started? Go to smartrealestatecoach.com/getgoing for free books, strategy calls, and a whole bunch more. We're going to help you get going the wicked smart way. We've been after this for over a decade doing exactly that. So after that, we'll take a breather and Rick will talk a little bit about the workflows that we already have built. For you in CRM, in REI platform. So we'll hit that step now.

The other thing is when you're working with your leads, it's just always set the expectation. So, you know, um, all I need to do is I need to come out and see the property. Or after the first call, I'm going to send off some information to you. And what I'm going to do is follow up in a couple of days. Is Tuesday good? And then just always being laying out that expectation for them.

So at that number 3, at the call number 2, is that when you should be kind of having an idea, a rough idea of what you might do with that property? What might have—

That's why I said that's more specific. So at that point in time, like if you're talking to a seller and you're like, hey, just like, what's a lease purchase? Right? Like, are you open to doing a lease purchase? She's like, what's that? Well, we agree upon a price, we take over the monthly payment, we take over the expenses, maintenance, repairs, and we have an end date in the future in which you cash out. Makes a lot of sense. Like, you know, you're relocating, this is super easy for you. It's like, okay, yeah, in theory that makes sense.