How Do I Convert More Buyers On My List To Cash?
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“How Do I Convert More Buyers on My List to Cash?”
Joe: Hey, it’s Joe Crump. Another question here. “I’ve been doing the for rent method now for about seven months. It took me three months to do my first deal, but after that I started doing two or three deals per month. So far, I’ve closed nine houses and made $36,000 so I’ve been pretty happy with the results so far.” That’s pretty darn good. Seven months, $36,000 in seven months, that means you’re going to be on track for $72,000 in a year, which is pretty darn, pretty darn good income, and assuming that it took you two or three months to get your first deal, you may be able to do that ever quarter. If you can do $36,000 every quarter, four times that, you’re looking at $130,000 a year. That’s pretty nice. So, congratulations on that.
Joe: “One of the things that comes from selling this many houses is that I get a lot of calls from potential buyers. Right now I’ve got over 500 emails from buyers who have called from the houses I sold and the houses I’m selling. I feel like I can sell a lot more houses to these people, but I’m not sure how to automate the process. Can you tell me the steps to take to convert more of these buyers from my list into cash?”
Joe: Don’t spend a lot of time on buyers, trying to help them find a property. I mentioned once before, it’s much easier to find a buyer for a property that you have than it is to find a property for a buyer that you have. Instead, spend all your time finding new properties to sell. Build your inventory. If you don’t have any inventory to sell, you don’t have a business, so get your inventory up. Talk to sellers to get that process going.
Joe: But, you want to keep track of all the buyers that you have, so you put them in your database. You want to have both phone numbers and email addresses of all your buyers. And you have them in a database so that every week you send out your list of all the properties you have for sale to that list of buyers. And you send it both by text, voice and email. So you can send it out every way, and you send out every property, every week, to everybody. Don’t worry about hitting them once or twice or three times a week. That’s okay. And if they want to get off the list all they have to do is hit unsubscribe and it’ll take them off the list so you don’t have to keep bothering people.
Joe: But what we find is, if you have a list that’s you know, four or five hundred people or more, typically what you’re going to be selling is between 10% and 20% of the properties that get deals together on to that list in minutes. So when you send out a blast to those people, you’re going to find that about 10% to 20% of the properties that you sell, sell immediately to that list. Which makes your job a lot easier and I would spend a lot of time making sure those people get it. And get somebody who runs, your admin, to do that for you. Now, when they call you, when you’re getting this many calls coming in on your deals, you need to outsource finding a buyer and I think I’ve talked about that on a previous video that I’ve done on this series. And I talk about it to my mentor students all the time.
Joe: Finding somebody to find your buyers for you and talk to your buyers for you will make your job a lot easier. Buyers are time consuming because you do need to talk to them to get them into the properties. You need to arrange to get them inside the house, you need to make sure that you’ve got ads going for them, all that stuff has to happen. But it doesn’t have to happen by you. It’s not difficult work and it won’t take long for somebody to learn how to do that and teach them how to do that. So, spend a little bit of time, teach them how to do it and make it happen.
Joe: And if you’re in the mentor program, I’ve got some instructions on how to do that. Go to the contract zip file and look for the file on outsourcing and I think that’ll help you as well.
Joe: All right, hope that helps.