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Real Estate Investing: The Money Is In The Follow Up

Published on Friday - March 14, 2014

If you have ever done any type of mailing before, you are probably aware that most deals are found in the follow up. It is extremely rare that the first call is the one that nets a deal. The most likely scenario has you following up two or three times before they move forward, regardless of how well the initial conversation went. While this is true, most new investors feel defeated after the first call. More importantly, if they even manage to make second call, they will rarely make the all-important third call. The third call is particularly important, as it is where most deals are gained or lost. You must understand that deals are the result of following up. Help yourself and think like a successful real estate investor.

Put yourself in the seller’s shoes. If you are mailing to them, they are most likely either late on their mortgage or facing some other crisis that is forcing them to sell. Odds are, you are far from the only person that is reaching out to them. In addition to constant calls from their mortgage company, credit cards and fellow investors, they are inundated with calls and being pulled all over the place. When they get your call, they may have some interest in working with you, but they need to exhaust all of their options first.

Even if they know they need to do something, you are still asking them to walk away from their property with little or nothing in return. Depending on how late they are, they may not be ready to do anything for a several weeks or several months. If you make one call and expect an immediate answer, you are not being realistic and giving your mailing a real chance. You don’t need to call them every day, but you should stay in contact with them either by phone or email. When they are ready to act, they work with you.

A quick follow up call can make a world of difference. This is a very difficult time for these homeowners and you don’t know when you are catching them. If you are too pushy, you will most likely lose them. If you are not pushy enough, you will quickly be forgotten and they will look elsewhere for help. You need to have your follow up plan down before you mail your first letter. A voice mail late at night or on the way to work may not seem like it is doing anything, but this could very well be the voice mail they are saving until it is time to take action.

If you are doing any type of marketing or mailing, you need to give it the highest chance of success as possible. This means keeping leads and contacts for months. Every person that called you has at least some interest in working with you. If the first conversation went well and you never heard from them again, the problem could be with when and how you followed up. Did you demand some sort of action in a short time frame? Did you try to intimidate them into working with you? Did you exaggerate in your claims as to what you can do and how you can do it? Did you wait too long to get back to them? The follow up is where deals are made or lost. If you do not have a follow up plan before you send anything out, you could be wasting your time and money.

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