September 10, 2012 · 2 Comments
Need more real estate investing deals?
Real estate investors often get caught up in all kinds of new complex strategies for trying to generate buyer, tenant, seller and private mortgage lender leads and end up doing more busy work while seeing fewer results.
Consider these 7 hacks for boosting your deal flow. Some are so simple they are often overlooked but still incredibly effective, while others may really challenge to see things a new way…
1. Get an Office
The ability to work from home is one of the great ‘benefits’ of real estate investing but it can also prevent some investors from reaching their full potential. If you’ve been struggling to hit your goals and have been hibernating at home consider getting an office. It means dressing for business every day, feeling more inspired, being forced to take action rather than be distracted by the TV or kids and means more networking opportunities. The benefits can well more than pay for your office, especially if you start out with an executive suite or shared workspace.
2. Network 2 Nights a Week
Commit to networking at least 2 nights a week whether it is a local investors’ group, Realtors’ networking event, dinner with a potential lender or a Google+ Hangout.
3. Business Cards
You might be able to survive without business cards today but committing to giving out at least 10 a day means at least 300 new contacts a month and there is no reason why you can’t bring them up to date with QR codes and a more stylish look.
Remind all of your friends, past coworkers and extended family that you are in the business regularly. If you don’t you are going to feel pretty bad when they buy a home from someone else or sell as a short sale to your competitors.
5. Work Your Farm Area
Spend at least 2 hours driving your local ‘farm’ area and neighborhoods each weekend. Get to know each property and scout for signs of deals. You can even enroll the kids to help to look out for FSBO signs.
6. Expand Your Social Networks
As soon as you are done reading this post set up a profile on a new social network. Facebook and LinkedIn are just the tip of the iceberg. Are you on Ecademy, Xing, foursquare and Pinterest?
7. Set up New Referral Partnerships
Meet with 1 new attorney, loan officer, title rep. and insurance agent each week with a mind to forge a new strategic referral partnership. Yes, meetings can be a time killer but you can double up by doing those over your regular coffee breaks, lunch breaks and dinners.
Also make sure that you set aside your first few hours of each day to spend on marketing and generating new business so it never gets skipped. Don’t even check you inbox until you have spent 2 hours on lead generation.
Just following these few simple tactics each month can deliver at least 1,000 new contacts, not counting referrals. If you can convert just 10% into real leads and just 10% of those into real deals that is 10 real estate investing deals a month. Even at a meager $10k a pop that’s a 6 figure a month paycheck and well over 7 figures a year.