Guest Scott Oots outlines how to increase your deal flow and your deal spreads. Consistency in marketing, follow up and procedural aptitude increase lead and deal flow while investing in your business and your team increase deal spreads.
Many investors stop marketing as soon as they get one deal and only focus on getting that deal to close or rehabbing the property. Continually market for future deals requires money, but it is the only way to maintain consistent potential lead flow.
Because effective marketing changes constantly, you must employ multiple marketing strategies to prepare for that inevitable shift. Every guru tells you what works for them. What works for one investor may or may not work for another. The best marketing channel is the one that works for you.
For Scott, mail outs work and they continue to mail out 30,000 postcards weekly. They were spending $50-60K per month, incrementally increasing their spend amounts and managing the same returns. However, he kept marketing with mail outs and other marketing channels so that when the algorithm changed and the PPC failed to return, he had a contingency marketing plan.
What works in California, may not work in Texas. Get hyper local to understand what works within an area. For Scott, mail outs, usually 6-8 times, every 45-60 days. Most importantly, do something. Analysis will not pay the bills.
Get off Facebook and get to work. Spending all your time trying to determine which guru strategy will work the best for you produces nothing.
Increase your deal spreads by establishing rapport, asking for it and investing in your team. Engage the seller in conversation about them, not the “deal,” the condition of the house or cost of repairs. Get comfortable with no, so that if that is the first response, you can deal with the objections rather than the “shock” of hearing no.
Making a congratulations call creates excitement regarding the sale rather than regret. If the seller trusts you, when and if there are issues, they will be more willing to work with you. This includes renegotiating if needed.
A business requires strategy and planning. In order to expand your business, you must have effective systems in place. Trying to expand without established systems can diminish your opportunities by damaging your brand.
Investing in your team is investing in your business. Your team is critical to your growth. A team is like a chain, if you take out one link, it will not hold. For Scott, the deal spreads increased from around $5,000 to $70,000 spreads on average by investing in the growth of his team.
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