So, in my last email, I was talking about how critical it is for you to know your numbers — data not drama.
I teach my students and clients to use a scorecard that tracks their numbers.
Why? Because if you don’t know your numbers, you don’t have a real business.
There are 4 numbers (at a minimum) you need to be tracking on your scorecard every day or every week.
How many deals have you done in the past week? What’s your average profit per deal?
How many offers did you make?
With #s 1 and 2, you can then know how many offers it takes to get a deal.
How many sellers did you talk to?
How much marketing have you done for your amount of leads?
Not so hard, right?
By tracking your numbers, you have all the answers you need…
If you were able to talk to 40 sellers, you’ll also know what marketing you did to reach those 40 leads. Or, if you make 20 offers and didn’t get 1 deal from any of those offers — maybe your offers are too ridiculously low or maybe they’re just weird and don’t make any sense.
Look, I hear ALL the excuses about why this business isn’t working for someone, but they are just excuses. Because this does work. But, you can’t figure out what’s wrong until you know your numbers.
If you’re making a lot of offers, and you’re talking to a lot of sellers, maybe you’re not saying the right things. Maybe you’re not prescreening them enough. Maybe your prescreening them too hard. Maybe you’re spending way too much time talking to sellers on the phone. If you’re spending an hour on the phone with a seller to only to find out they don’t want to do a deal or you’re miles apart on your numbers, then you’re talking way too long and you’re saying the wrong things — so you need to work on what to say to sellers.
Maybe you need to work on your confidence… pulling away, instead of pushing — don’t try to sell them on it, turn the tables and get the seller to sell you — you need to be sold. You need to be the reluctant buyer.
Maybe you’re not getting any leads because you’re doing the wrong marketing, or maybe you’re doing the right marketing to too small of a list. You need a bigger audience. Maybe you need to go out into other markets.
Your numbers will answer ALL of those questions and show you solutions.
Look: Your speed to income is directly proportional to the number of offers you make.
And if you want to do deals, you’ve got to make offers. You should make it a goal to talk to 5 sellers a day. Make at least 3 offers a day.
Make an offer to every seller you talk to. Period.
Even if they say no, send them an offer in an email and snail mail anyway:
“Hey, it was nice talking to you. I know you don’t want to sell your house now,
but if circumstances change, let’s talk. Attached is an offer that I might be able
to make on your property.”
Always FOLLOW UP!
The fortune is in the follow up. Almost 80% of my deals come from a seller who said no the first time we talked… but on the 5th, 6th, 7th follow-up call, I get a yes. And that’s usually 2–3 months after that initial call.
Play the longish game, folks. It takes time. It takes patience.
You’ve got to make a lot of offers. Don’t get discouraged. Just keep on pressing forward… lean in harder, work harder, push harder. Don’t quit.
Track your numbers and make offers = you’ll do deals.