Epic Real Estate Investing - How to Get the Fortune out of the Follow Up | 697

Episode Date: June 28, 2019

When you have a prospect, you are closing the deal. However, most often you will have a suspect and you have to follow up. Matt will tell you how! Learn more about your ad choices. Visit megaphone.fm/adchoices

I came to the Epic Intensive because I have been working so incredibly hard, and I'm tired of working hard, and I think it's time for me to work smart, and I think that I can learn that here. What did I like best about the Epic Intensive? I enjoyed the energy in the room, and I enjoyed all of the thoughts and provoking ideas that Matt had. You know, it really kind of pulled me in because I'm like, oh, I didn't even think about looking at it like that. I think the biggest nugget was today when we took a list of all kind of our assets and what they're doing for us and sitting down there and looking at that list and saying, oh, well, that's not good. Hey, it's your old buddy Matt here, and I've got a great show for you today. Thank you for listening, by the way. And before I forget, if you like the sound of the idea of finding more off-market real estate deals and you want to go deeper with that, you might like to attend the live three-day epic intensive lead. Machine Workshop. It's in Manhattan Beach, California, July 18th through the 20th. That sounds even remotely interesting.

Then head on over to Epicintensive.com and get the deets. Epicintensive.com. All righty, let's get on with the show. Today we're going to talk about making a fortune. And the main thing we're going to talk about is squeezing that fortune out of what everybody says is inside of the follow-up. This is Terrio Media. The fortune is in the follow-up. You've heard that before?

Well, let's go over and we're going to look at that today of what that means and how you can get your piece of it. But before we get started, if you'd like to make a fortune in real estate, but you're having trouble getting started or maybe restarted, maybe just flat out pulling the trigger. Or maybe even just like, you know, creating some real consistency in your investing. Then you might like to check out what we do for people in your position. It's where we remove them from the getting ready to get ready phase, the analysis paralysis phase. and we just do all of the upfront heavy lifting for them so that they can get in the game within just a couple days. What takes so many people seemingly months to do if they ever get it done at all. So if that sounds like a plan, head on over to R-E-I-Aase.com and check it out.

All right. So let's get started. When it comes to investing in real estate, we all know that we need to talk to motivated sellers. We know we need to make offers to those sellers and we know that we need to come in with the money to close that deal. But a huge thing that holds people back is just finding motivated sellers. What's a motivated seller, by the way? A motivated sellers, they are motivated by typically something that's going wrong in their life. It's kind of counterintuitive.

Like we have this kind of general idea of motivation is a good thing. And generally speaking in our society, it is unless you are a motivated seller. Right? There's something going on in your life where a fast sale, even if it's at a discount, is going to solve whatever bigger issue is going on in your life. And that can be a really big problem for a lot of people to find them. And, you know, if you can't find motivated sellers, I mean, that's right in our job description. We need to be able to buy low and sell high.

And if you can't do that, you're going to make a terrible real estate investor. All righty. So all that, it makes sense. But here's the thing. Most people are going for the low hanging fruit. Of all the people that you're going to talk to, I would say roughly right around. 5% are going to be motivated right now, motivated to a point where they're ready to make a deal today. And the majority of the business, though, is handled outside of that 5%.

Here, I'll show you what I mean. This is how it's going to break up. If you have got 100 people that you're talking to, you're going to have this little part, right over here represents about 5%. So those are your motivated sellers. This is the low hanging fruit. And then you got another little section over here, which is about, 15% these are the people that are never going to sell.

They're just, they're bored, they're angry, they're frustrated, whatever may be, but they call you anyway, for whatever reason. They're never going to sell. But the biggest portion of the pie is right here, and this is about 80% of the people. And this is where all the deals are, all right? What everyone is so focused on is this right over here, this 5%, and that's what everyone, if they, If they don't contact that 5% out of their lead generation techniques and efforts, then they're feeling frustrated and disgruntled and this business doesn't work. And maybe I should quit and try something else.

My wife told me I shouldn't have done this. I shouldn't have bought that program. But here's the thing. All of your business is right in here. But you're not going to contact or you're not going to get this business until after the statistics show, you're at least your fifth contact. You've got to hit them contact five times or more. 80% of all the business is going to be conducted or transacted

between the fifth and the 12th contact. Let me show you what I mean. So here's some sales statistics. You'll see these floating around. And I think it's the National Association of Direct Saleses who originally put this together. And, you know, you kind of question it. You wonder if it's going to be a little bit of a ploy for you to buy someone's sales program, right? But I was in a mastermind with a guy who ran a very large sales floor.

They said that he sold, they did mortgages is what they did. They did loans and had a giant sales floor and he had everybody hooked up to a computer and a phone. And the time on the phone was tracked. The number of people they talked to was tracked. The number of times they dialed, the number of times everything was tracked per person. And I remember that day, because this has been floating around for decades. I've seen this for a long time. But that was maybe two or three years ago.

And he said his numbers on his sales floor are almost exactly like that. So if you look at it, 48% of salespeople never follow up with a prospect. 25% of salespeople will make a second contact and stop. 12% of salespeople will only make three contacts and stop. Only 10% of salespeople will make more than three contacts. Only 10%. It's all these people going right here. They'll try them three times and they'll just flat out stop if they don't fit into that

category. Only, let's see, 2% of sales are made on the first contact, 3% on the second, 5% on the 3%, 10% on the 4th contact, and 80% of all the sales are made on the 5th to 12th contact. So there's a reason people stop. It says right here, 12% of people stop and only make three contacts. And it's because it's a lot of work. But here's the good news. In today's day and age, you don't have to be the one that's making all those contacts. You've got the contacts that come in, right? Here's your prospect. Then you're going to sort.

This is your goal on the very first contact. You're going to sort. Do I have a prospect or do I have a suspect? Right. So if you have got a prospect, you're going to set the appointment and you're going to make the offer. Running out of paper now. and make the offer. But the suspect, you know you're going to have to follow up with them.

So this is our 5% that we're talking about where you can have that first contact, you make the appointment, go make the offer, and you got a deal. Down here, though, this is where all the money's at. But there's a lot of time involved. But if you leverage the right systems, then it doesn't have to be all your time. So let's see, what color should we do here? Let's do orange, all right? So after the contact is made, you can send them an email.

right? You can send them a text. You can send a ringless voicemail. You can send them more direct mail. You can send them or you can, what we call it, retargeting. You know when you go to Amazon and you were looking at some shoes and you decided not to buy them at that moment, but then you go over to Facebook and boom, there's those exact shoes you were just looking at. That's called retargeting.

And the biggest, most powerful companies in the world do that to sell their goods and services. And you can do the exact same thing with your marketing with motivated sellers. Once they've stepped into your circle, you can retarget them in that way. So if you like the way this looks and you want it all done for you, that's what my team and I do. We put all this together. We put it all in place so that you have, that you don't have to do all this work. You don't have to think about it. You can focus on what's most important inside of your real estate.

So if you want to check that out, you can go over. to R-E-I-A-A-S dot com. All righty. So here's what we know. Only 5% of the people that reach out to you are going to be motivated enough to sell you at a discount at that given moment to do it right away. 80% of the people you talk to are going to need to be touched at least five times before they do sell.

And they're going to. They're going to call. They're going to sell because that's why they called you in the first place. It might not be right now, but they know somewhere down the road, there's going to be an event. there's something's going to happen where they're probably going to have to sell. And whether they're in a motivated position or not, they know that is likely in their future and probably in their near future.

Who are they going to call? Well, they're going to call the person that they're most familiar with, but specifically they're going to call the person that they know, the person that they like, the person that they trust, and the person that they believe can actually get the job done. They want to have confidence in your competence. They're going to go with the person that they believe that can actually help them. And you can demonstrate that in your follow-up sequence by actually helping them. All righty?

So if you like the way this looks and you want it all done for you, that's what my team and I do, we put all this in place for our clients so they can get right into the business and they can focus on talking to the prospects while their systems do all the heavy lifting and they'll work with the suspects. And go check that out over at R-E-I-Ace.com. Good night. God bless.

And I'll see you soon. All right. This podcast is a part of the C-Suite Radio Network. For more top business podcasts, visit c-sweetradio.com.