As most of you know, when I started Express Homebuyers, I was already working a full-time job. I had a wife and a family. I didn’t have an abundance of time to dedicate to starting my real estate investment business, but I made the best use of the time I did have. Instead of putting my son to bed and watching TV all evening, I spent from 8:00 pm to midnight researching properties or hand addressing envelopes or hammering in bandit signs. I did this for EIGHT months before I got my first deal. The key is, I didn’t give up. I was persistent. I kept at it.
Persistence, or lack thereof, is one of the most common reasons why people fail creating a real estate investment business. Starting and building a successful business is difficult. Pulling it off while you’re still employed full-time and bringing in an income is even more demanding. To succeed you must not give up.
If you’re trying to achieve, there will be roadblocks. I’ve had them; everybody has had them. But obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it. ~ Michael Jordan
If you’re wondering how to be successful in real estate wholesaling, you’re not alone. That is the most frequently asked question I hear. Often when I will share my advice, people tell me “well I don’t have enough time to do that.” Sure, on the surface that may be true when thinking about everything that take up your time now. But you have to be mindful of your end goal, and the benefits you will reap when you reach it. Really think about what activities will contribute to your goal, and which ones will have very little impact.
Presumably, your end goal is to quit your day job, make money doing this business, and attain freedom in your life. Success comes from making some sacrifices. As I mentioned, you may have to give up watching Dancing with the Stars or taking a full hour to eat lunch – for now. If your ultimate goal is having freedom to work when you want, where you want, today’s temporary sacrifices are palatable.
You’ve most likely experienced difficulties getting somewhere if you didn’t know exactly where you were going. The same is true for building your real estate investing business. You need to have map out steps along the way.
I suggest setting somewhat realistic goals and deadlines for yourself in order to keep seeing wins and moving forward. Sean Terry recommends the goal of earning the equivalent of your annual salary and putting that amount in the bank before you quit your day job. You might find that in the beginning, your daily goals are small wins or to-do list type of items, then you’ll gradually start hitting milestones as you get closer to launching your business.
Technology & Outsourcing
There is so much technology available to us that this is the perfect time to start a business. You can use technology to leverage your time effectively in the following ways:
- Set up voicemail to take incoming calls from your direct mail until you get to a point of being able to answer live calls
- Create a landing page with a form on your website to capture leads
Plan to follow up on those calls and online leads when you have time – during your lunch break, immediately after work, or on weekends.
Identify and take advantage of opportunities to outsource wherever you can. Can you pay a virtual assistant or a student with good handwriting to address those envelopes? You can hire talented virtual assistants for $5 per hour. Even if you’re putting up a simple website, if you’re not an expert website builder, it’s probably worthwhile to hand that project over to someone who can do it better and faster than you can. The best in the business is Investor Carrot.
Think about which skills you’re good at, and which ones you fall short on. It’s ultimately your decision whether you should invest your time or invest a few dollars in outsourcing certain aspects of your business, and no two situations are identical. But know that you don’t have to do everything yourself, and outsourcing is a viable option.
Systems and manpower can help you bring in leads. Now what? Once you get those leads on the phone, you have to build rapport with them. What exactly does that mean? Establishing a relationship and creating a connection with sellers. Your initial conversations are crucial to uncovering valuable information, such as how motivated they are and why they want to sell.
During this time, you also need to gain their trust by listening to their story. Listening isn’t something most people excel at, yet people inherently want someone to listen to them. You can see why listening is a key skill in building rapport. Offer your ear, make a “friend,” and they’ll want to work with you.
Refining your interpersonal skills will help you follow the basic follow up formula of setting an appointment, meeting in person, getting a contract. Sure, maybe you won’t get a contract every time, but every deal can be boiled down to these three main steps: Finding motivated buyers, establishing a relationship with them, and constructing a deal that works for both parties. Then repeat.
I’ve always found that anything worth achieving will always have obstacles in the way and you’ve got to have that drive and determination to overcome those obstacles on route to whatever it is that you want to accomplish. ~ Chuck Norris
Creating a successful real estate investment business isn’t rocket science. It does come down to staying focused, maintaining consistency, leveraging resources, and creating connections. Keep doing what you need to do and eventually the floodgates open.