Well, here we are…
We’ve gotten to the final lesson in my 4-part mini-series. We’ve come a long way and covered a lot of ground while discussing 5 important things you need to focus on in your business, so you can do more consistent deals.
Let’s do a quick recap before we dive in today’s final pieces…
In Part I, we talked about 2 main points: 1. creating a solid list of truly motivated sellers and 2. believing in yourself and having a positive attitude. Then we covered how to get seller leads in Part II. And in my last lesson, we touched again on positivity, helpful marketing points plus we discussed making more offers.
Now that we’re caught up, let’s get going – today, we’re talking about committing to and mastering one lead source plus controlling your valuable time by working smarter not harder.
Pick 1 Reliable Lead Source Until Mastery
There are several ways to generate leads in real estate, specifically with wholesaling. And I can honestly say that I've tried darn near most all of them.
Like these free or very low-cost methods:
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YouTube videos to your website
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Craigslist ads for each of the pain points they have
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Handing out business cards and asking for referrals
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Driving for dollars
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Putting out flyers
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Asking Realtors for referrals
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Asking real estate attorneys for referrals
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Selling other wholesalers deals (you can make up to $2-$10K per deal)
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Putting out bandit signs (25-50 white plastic signs per week that say ‘We Buy Houses Cash’)
Then, I went onto the paid methods, sending out letters and postcards to motivated sellers, in niches like:
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Google AdWords
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Newspaper Ads
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Bench Ads
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Relocations
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Pre -Foreclosures
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Regular Foreclosures
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Divorce Listings
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Tired Landlords
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REOs
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Short Sales
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MLS properties
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For Sale By Owners
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Vacant Homes
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Subject Tos
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Lease Options
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Fire Damaged Houses
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And many others…
The truth is, there are experts in each of these areas, with people who are succeeding greatly.
But that is not where you start… you don’t want to dabble a little bit in each, jumping from lead source to lead source.
This is what separates investors who end up succeeding from those who flop around from strategy to strategy only to get burned out… and quit.
Golden Tip: The people who make it pick 1 lead source and commit to mastering it.
Can you still do some other free strategies that I listed above - different guerrilla marketing ways to hustle?
Of course... but that's the icing on the cake. It's not the cake.
In fact, if you really want to make this work. I would pick 2 or 3 guerrilla, low-cost or free things you can do to hustle...
And I would pick 1 main niche that you will focus on! I’ll say it again: I highly recommend committing to and mastering 1 main traffic source that’s going to be reliable.
Resolving to Mastery
I want you to commit to one lead source and resolve it to mastery.
What do I mean by this?
Resolving to mastery....
Deciding that you are going to stick with 1 traffic source until you make it work. No matter what!
Until you are consistently doing deals every month from it. Decide to learn it, and learn it right. Become the best in your area at it. Don't think it's too difficult or too complex. Do not overthink it. It is actually easier than you think.
Golden Tip: My favorite lead source, and what I have built my entire business around, is probates.
My mentor, who has a half-million dollar business, built his around probate. They just flat out work!
They are the most motivated to sell, have the most equity and rarely listed on the MLS. Investors love to buy them. And they have the least competition. Advertising to them is the cheapest of any other lead source besides doing things for free - which you pay in time and effort!
You can build a six-figure business marketing to probates with an ad budget of $100-$200 per month. Compare that to what all the gurus teach about mailing endless postcards to all other lead sources.
As you progress in this industry, you will naturally find your niche. Everybody likes different things. Probates might not be your forte… you may be drawn to short sales or another niche. Allow this to happen naturally. What is supposed to happen will happen.
However, I do recommend starting with probates. It will be the absolute best bang for your buck. If I started all over again, this is exactly what I would do. I would still build my business around probates!
It is much more beneficial to become a master of 1 thing – not a Jack of All Trades and a Master of None.
Do Less Work
My final point in this series is simple…
Most people think the answer to making more money in real estate is to do more work. This is the furthest thing from the truth.
It's about working smarter, not harder.
Have you ever sat down, had a list of important things to get done and then by the end of the day accomplished nothing?
Most people either:
A.) Try to do too much.
B.) Don't have a schedule.
Checking your FB news feed, posting on social media, watching YouTube, checking email, listening to podcasts, going to a seminar, tweaking your website or business cards to make them look pretty…
None of these things will put money into your bank account.
Golden Tip: Every day ask yourself if (i) you did one thing to generate new leads that day and (ii) you did one thing to contact a seller; make an offer; follow up on an offer; get a property under contract.
Those golden tips are the 2 most important things to be focusing on in your business. Everything else needs to be scheduled in at the end of your day.
This is crucial if you have a job. Time is your most valuable asset. You must discipline yourself.
Every morning I focus on the "1 Thing" that will move my business forward. I don't check email, my FB, respond to texts or anything that will suck away my time until I get the 1 thing done.
When you're building a business, you must treat your time like you would treat your firstborn child. If you don't control your time, then people, tasks and day-to-day life will steal your time – and 6 months from now, you will wonder why you're not making any money.
That’s a Wrap
Okay, let’s bring this whole series together…
You now have 5 things to focus on when building your investing business. It’s all part of the idea that you don’t have to create more work for yourself in order to be successful. You just have to be strategic and smart about your time, resources and energy.
Remember that none of these techniques and tips will matter if you do not take action.
Bonus Golden Tip: Information plus application equals transformation. And it's transformation that we are all after – especially in our businesses.
So take action now. Start small. I don't care how small. Start today, not tomorrow. Do it.
I’m Listening…
I want to hear from you… share your investing stories with me in the comments section below.
Choose 1 lead source to focus on – master it before moving on to another strategy.
Put away distractions like FB and email and focus on generating leads, contacting sellers and making more offers. Your time is valuable.
Take action right now.
Steven Howell
Steven "Steve" Howell is the owner and CEO of Inner Warrior Consulting LLC, a training and consulting company designed to help entrepreneurs to build their "inner warrior" and gain the necessary skills to be successful in life and business.
Steve is an accomplished wholesale real estate investor, mentor and coach who teaches business building, mindset, marketing, branding and negotiation. Currently located in Dayton, OH, Steve successfully mentors and coaches students across the United States, specializing in helping them to complete "larger spread-off market deals" in desirable area's from a shoe string budget.
Not only is Steve a master at creating cutting edge, very personal and effective training, he also believes strongly in building a lean business with good stewardship and stresses having the right mindset and inner game in order to be a well rounded entrepreneur.
With this in mind, it is Steve's belief that if he can share with you a valuable insight, shorten your learning curve, and ultimately help you to get results in your business faster than you could on your own....MISSION ACCOMPLISHED!
When he's not working...Steve loves spending time with his wife Tyre', family, and friends. He enjoys reading, growing in faith, traveling, dining out, and fitness!