1. 1. Simplifying the Business & Choosing a Market.
1.1. - Marketing goes out & leads come in and - Lead Manager processes initial property info and seller info. - Acquisitions Manager picks the lead up and makes second contact to continue digging for information, building rapport, formulates an offer and presents it to the seller. - Acquisitions Manager follows up consistently inside CRM until a contract is produced. - Once an A-B contract is executed, Dispositions Manager takes over and markets the property and schedules showings with potential buyers. - Once a B-C contract is executed, Transactional coordinator works with closing attorney to get the deal closed. - YOU GET PAID
1.1.1. You don't need different people for all these named roles. I used to do all of them myself. It's easy when deal volume is smaller and you scale as you go!
1.1.2. BPOPhotoFlow.com
1.2. 400K+ population, sub markets for less competition, under $300K median sales price, deal size / deal volume sliding scale, travel time/costs, personal interest?
1.2.1. Less about what the market is and more so how you work it!
1.2.2. zillow.com/research
1.2.3. census.gov
1.2.4. RealtyTrac.com
1.2.5. ReboGateway.com
1.3. Homework
1.3.1. Establish your market criteria
1.3.2. Pick a market
1.3.3. Build business flow sheet (i.e. Marketing going out...
2. 2. Essential Tools and Communication
2.1. Lead Capture
2.1.1. Callrail
2.1.2. REI Blackbook
2.1.3. GoogleVoice
2.2. Lead Mgt
2.2.1. Podio w/ or w/o automations (Zapier, Globiflow). Don't rob your time early.
2.2.2. REI Blackbook
2.2.3. Lead Tracking Excel Spreadsheet
2.3. Email Marketing
2.3.1. Mainly for property marketing to your buyers list you will be building.
2.3.1.1. Active Campaign, Mail Chimp, etc.
2.3.1.2. REI Blackbook
2.3.1.3. Gmail.com (GMASS)
2.4. Admin
2.4.1. Google G Suite (Email, Drive, Photos, Sheets, Cal, Forms, etc). All can share and collaborate.
2.5. Property Analysis
2.5.1. MLS is best, Zillow, redfin pic trick, my repair estimator.
2.5.2. BPOPhotoFlow.com
2.6. Contract Signatures
2.6.1. www.docusign.com
2.7. Communication
2.7.1. If you have a team, fluid conversation on CRM or phone throughout week, and Monday recap calls of following week and what's ahead. Voxer is a cool app for phone stuff. Podio is what we use for 70% of our communication on deals.
2.8. Homework
2.8.1. Establish at least 1 business phone number
2.8.2. Establish "Lead Tracking" document/process (CRM or Excel)
2.8.3. Establish Goal(s) to reach by the end of the year (Specific, Measurable, Achievable, Relevant, Time-bound
2.8.4. Set up G-suite account
2.8.5. Apply for marketing money - EpicFastFunding.com
3. 3. Virtual team, training and tracking
3.1. Virtual Team
3.1.1. Lead Manager
3.1.2. Acquisitions Manager
3.1.3. Dispositions Manager
3.1.4. Transactional Coordinator
3.2. Training
3.2.1. Yourself: Surround with a good coach and like minded people. Only listen to people who have what you want.
3.2.2. Lead Mgr: scipty based, record their calls and review them together, you want them filtering but not eliminating possible leads on first call (can't tell), training is preloaded for this position then tapers.
3.2.3. Acquisitions Mgr: Training never stops here. You can always get better at sales. Rec that you do this yourself before hiring, then hire someone to do half of what you are doing and you keep half, etc. Skills are rapport building, negotiating, & organized follow up.
3.2.3.1. We have our guys complete some type of online sales training every other quarter.
3.3. Tracking
3.3.1. KPI's: Key Performance Indicators. More important in virtual b/c you are not there. More people to manage. Coaches need these to be able to help. (EX: Under hood). As easy as excel or can get more in depth with softwares.
4. 5. The Lead Machine that Fuels Your Business (marketers 1st, and real estate investors 2nd)
4.1. Cheaper / More Work / Less Scaleable
4.1.1. Bandit Signs
4.1.2. Door knocking
4.1.3. Driving for Dollars with system like Deal Machine
4.2. Expensive / Less Work / Scaleable
4.2.1. Direct Mail
4.2.2. PPC / FB Ads
4.2.3. RVM
4.2.4. Texting
4.2.5. Cold Calling
5. 6. Automation, Branding, & Scaling
5.1. Before you automate and scale you must know the A-Z flow.
5.1.1. Automation primarily will consist inside your CRM. EX: sending offers, follow up, RVM's, texting, etc.
5.1.2. Can build out flows in Podio. Rec starting basic, finding things that would improve speed, automating later.
5.2. Branding: There is not a ton of branding necessary for this business. Espeically in the beginning you want to spend your money on revenue generating activities or marketing that you can directly tie back to deals.
5.2.1. Confirmation emails for appts and PDF of your team. "More about you." Builds rapport.
5.2.2. T-Shirts & flyers or print outs during in person appointments or Zoom appts.
5.2.3. Can scale to billboards and/or radio if you like but very few do this. Might improve PPC/DM efforts.
5.3. Scaling: in order to do more deals, more consitently, it will start with more sales people, then more money to feed them leads, and then what ever else you need will present itself by breaking as you build the machine bigger. EX: more lead mgrs, admin, dispo, etc.
5.3.1. Do all you can, and once you get too busy: 1) Hire LM, 2) Hire Acq, 3) Hire another Acq, 4) increase marketing to fill them up, 4) Hire TC/Dispo, 5) Hire more Acq and do more marketing.
6. 4. The 3-Step Conversion Process
6.1. Discovery Call
6.1.1. Whether they call you or you call them, it's meant to gather contact info, property info, and situational info. Build rapport as much as possible. Let them know you will be running numbers and preparing your offer. End call by setting a second phone call appt to review your offer with the seller.
6.2. Present the offer.
6.2.1. Here you use the original conversation notes to build some additional rapport and ask questions that will reveal more about WHY they are wanting to sell. If you didn't get a number on the first call, push for a number or range again. Then make your offer. The goal while making your offer is to keep the conversation less about repairs, comps, ect, and more about the emotional reason they are wanting to sell.
6.3. The FORTUNE is in the FOLLOW UP!
6.3.1. Stay organized in your CRM and make sure you have reminders or alerts set up. "The fortune is in the follow up." (EX: Lukes big deal). A little more of your competition dies every time you set another follow up task to complete. PERSISTENCY IS KEY.
6.3.2. These calls will make up 80% of close-able deals.