Saturday, Aug 12, 2017
Login
Call (503) 669-4663
To Sell Your House FAST!
Learning CenterLearning Center

Managing Your Business

Managing Your Business: The Plan

You have goals and there are practical steps that will help you reach your goals outlined here.

1. MARKETING MATERIALS

While you are increasing your network, marketing materials are key to your success. Marketing materials include business cards, letterhead, postcards, flyers, door hangers, car signs, etc.

TIP

Don’t go crazy with marketing materials until you’ve made your first deal. Start with the basics like business cards. Just get what you need to start and then expand and grow as you progress.

2. MANAGING CONTACTS

We mentioned earlier that real estate investing is a numbers game. Many beginning investors when they first get started are overwhelmed with organizing their contacts. For every house that you call on, we suggest filling out a client information sheet. Find one you like and make copies of it and keep some in your car, at your desk and by the phone.

TIP

You may want to get a separate binder and put them in it. You can label the binder “Deals” or “Client Information”. You will also be making contacts with other important players, i.e: title companies, investors, auctioneers, etc. You will want to keep these contacts organized so that you will be able to find them easily.

You may want to check into a contact database. For example, Microsoft’s Outlook has a database of contacts and you can make calendar appointments to follow up with people. Or you may want to look into some of these database programs.

Recommendations

Microsoft Outlook- Newest version

ACT- Database software

Microsoft Excel- Spreadsheet

Franklin Covey Plan Plus- time management

3. SUPPLIES

When first starting out you may want to get a few of these supplies to make this business easier on you:

Calculator: You’ll want to have a calculator handy at all times. You may want to get one for your home and a smaller one for your briefcase or your car.

Notebooks or Binders: You may want to get several notebooks or notepads for specific information. You could have a separate notebook for Client information, one for contacts, etc.

Office Equipment: Of course it is always great to have office equipment like a copier and a fax machine. But again, you can add these things as you go if you don’t already have them.

Email address: Make sure you have an email address that you would like to use for your real estate investing purposes. You can get a FREE one through through websites like Yahoo.com

(Note: we do not recommend MSN or hotmail because of its limitations in connecting with Outlook and other wireless devices like the Blackberry that you may want to use).

(Find out how you can get your own partner site and Money for Properties email by checking out our members area at: http://www.moneyforproperties.com/members.html )

Phone: Some people like to have a separate line or phone number for their real estate investing career. Some phone companies have low rates for getting a second line. You may want to check with your local carrier. Whatever you do, do not give out a home phone number that will be answered unprofessionally by spouse or children—you will lose credibility very quickly this way.

4. MANAGING TIME

When you’re first getting started it is necessary to devote time to your real estate investing career. You should be spending your time on developing leads, making contacts, and finding deals. Go back to the time commitment that you filled out in Section One and figure out your time schedule and commitment for each week.

One of the biggest problems beginning real estate investors face is feeling overwhelmed and like they’re not getting anywhere even when they are putting a lot of time into it.

Remember, it takes time for seeds to grow. Also remember that this is a number’s game and that every “no” or every dead-end leads you closer to your “yes”—closer to that great deal!

And, it only takes one great deal to make months of hard work pan out. What if you worked hard for 30 days and didn’t see any results but on day 31 you made a profit of 20,000 dollars on one deal? Was that 20,000 dollar profit worth that 31 day effort?

Any network can be compared to a garden, it needs to be tended, and weeded to get to the good stuff. Time needs to be spent on the network itself or it will wither and die without your attention.

Have an action plan to take people out, or call them, and have an idea of topics to discuss. This is also one reason it’s important to keep current with the news and events of your local area, nation and world and try to create ways to connect the events with the people you are meeting with.

Use the tools mentioned in this section to maintain information about each member of your network; birthdays, significant others, important moments they tell you about, and any other item that might be of interest.

Categorizing your contacts is also an important part of how you use your time with your contacts. A person you work out with at the gym might not have as many connections as the person you meet at a real estate auction, so you would want to keep in contact with one more then the other. Some friends you can call once a year and still be friends,

but some relatives might have a neighbor who is looking to sell their farm that is now surrounded by other developments. Keep speaking what you are to those around you, let them share in your positive and not so positive moments.

Networks offer support along with the potential for finding new deals. In general people like to help others and if you offer a way others can help you, both can come out of it feeling good about themselves.

By continuing to contact people in your network the better the chance you have of being remembered the next time they run across someone who might be selling a piece of property.

Don’t forget your network when you have a success based off of the network. When you offer someone who helped you succeed a gift of appreciation, it can lead to a harvest of other goodwill. —Carl Bergwall


Leave a Reply


Spam Protection by WP-SpamFree