There is not a lot that separates one investor from the next. For the most part, investors have similar education, resources, funding options and networking access. If this is true, why are some investors more successful than others? The truth is that successful investors won’t take no for an answer. Instead of looking at the problem, they focus on the solution. No matter how many times they have an offer rejected or their marketing falls on deaf ears, they don’t give up and come back even stronger. If you are not willing to outwork everyone around you and stick with your vision when times are tough, you will not last very long in the world of real estate. Persistence pays off in the real estate industry.
For most investors, one out of every ten deals goes as planned. The “easy deal” is the exception rather than the rule. That means that most deals will have some bumps in the road. The sooner you accept that, the better off you will be. However, being persistent doesn’t necessarily have to deal strictly with lead generation. You should be even more persistent after the deal has started, as to push it through closing. If you walk the fine line between overbearing and persistent, your closing ratio will be much higher and people will want to work with you in the future.
Most investors and people in business do not understand that marketing takes time. Simply sending out one letter and waiting for your phone to ring will not work. It takes an average of seven contacts before a follow up is made. Are you willing to mail a good lead seven times or are you the type to throw in the towel after the second or third mailing? Someone is going to close on that lead. Why shouldn’t it be you?
There are a handful of deals every year that are gained or lost with the frequency in which you follow up. These are people you have spoken to and need help, but for whatever reason, aren’t quite ready to take action at this time. Instead of tossing the lead aside and following up in a few weeks, map out a plan for how and when you are going to talk to them next. In fact, develop a follow up system that allows you to maintain contact. If they are distressed and need to sell, they are going to do it with someone. Simple persistence will pay off in the form of a deal that could open the door to future deals. If you do this even a few times a year, it will have a dramatic impact on your bottom line.
It can be easy to get discouraged when things aren’t going well for you. That is the time when you need to dig in and work even harder. Be persistent with your marketing, networking, social media presence and follow up with your contacts. You never know when the right person will read a social media post of yours and be interested enough to work with you. If you give up and feel they have no value, you will never get that new lead.
Being persistent is about getting the lead and doing the deals that nobody else is willing to. Whatever your vision is, stick with it and don’t let anybody or anything sidetrack you from your goals. If you are persistent with this, soon enough you will start to see results.