Have you ever heard the 80/20 rule?
It’s my fav 🙂
Essentially, it states that 20% of the work produces 80% of the results (and vice versa).
While it’s easy to feel that you must do everything right as an entrepreneur in order to succeed… that’s simply not true. You only have to do some key things right.
In terms of real estate investing, you have to acquire properties, you have to make profitable decisions with those properties, and you have to do that consistently.
That’s it — that’s the formula.
In terms of actual to-dos, here are three things that — if you do them consistently — will virtually guarantee that your business keeps growing.
1. Send Mail & Run Paid Ads
To generate leads and close deals, you have to market your business.
That means sending mail and running paid ads every single month.
Keep in mind: all marketing strategies (especially direct mail) experience a sort of lag-time. You might send 500 mailers this month and not get very many phone calls, assuming that your mailers were ineffective.
Then you stop and try something else.
Suddenly, you start getting phone calls because of those mailers that you sent a month ago.
This lag-time isn’t bad… but you need to expect it and prepare for it… which basically means marketing your business consistently, even when your efforts seem to be less effective than usual.
Pro-Tip: Want to stand out with your direct mailers? Check out our sister company, Ballpoint Marketing, which produces hand-written mailers (with real ink) that add a personal touch your competitors won’t be able to match!
2. Answer The Phone & Follow Up
Yes, Call Porter is an answering service built specifically for real estate investors.
Yes, there’s going to be a pitch at the end of this section.
And yet, it’s still difficult to overstate the importance of answering the phone when it rings.
Research shows that your chance of having a meaningful conversation with a prospect decreases with every passing moment after a phone call goes unanswered.
Problem is, if your business is thriving and you do manage to answer the phone every time it rings… then you’re probably limiting your business’ full potential (because you’re not spending that time on mission-critical, “quadrant 2” activities).
You want the phone to ring off the hook… but you don’t want to be the one responsible for answering it.
At Call Porter, we’ve trained all of our U.S.-based reps to speak with motivated sellers. They know what questions to ask, how to stay level-headed, and they’ll schedule a follow-up call with you or your acquisitions manager.
Check out the call below to see for yourself (this lead resulted in a $36,000 profit for the investor!).
The phone needs to get answered… but certainly not by the founder of your business (YOU) 😉
Oh — and don’t forget to follow-up! 90% of deals happen during a rigorous follow-up regimen, not during the initial call.
(We recommend following up at least 15 times).
3. Build Processes & Reinvest Into Your Business
If you do the first two things, you’re going to generate leads and get the phone ringing like crazy.
You’re also going to start closing quite a few deals.
But there’s still one problem left to solve: you will quickly become a bottleneck.
Having Call Porter answer the phone is certainly a step in the right direction… but the more you want to grow, the more you’ll have to delegate and automate the daily operations of your business.
This means hiring someone to answer emails, create marketing campaigns, speak with sellers, collect buyer information, and even acquire profitable properties.
But enough from me!
What do YOU think are the most critical tasks and to-dos for building a successful investing business? Let us know in the comments!