myEmpirePROWay too many people are chasing after wholesale real estate deals without a proper understanding of what leads to one.
I get it… After all, you are “one deal away” right?
Nah….
At least, you need to know about these 3 stages that you must pass through in order to get to closing wholesale real estate deals at scale.
Of course , you can get lucky without these stages but luck and hope can only happen so many times.
STAGE 1 – Data
Collecting and analyzing data is a very important part of any business in the digital era.
It allows you to add predictability to your business especially when you collect the data in bulk.
Property addresses and owners are all data on a public record that you have access to at anytime.
STAGE 2 – Contacts
Once you collect data which will include contact information to the person(s) in control of these prospect properties, the next stage is to initiate some kind of contact with the owners.
You want to pick a channel and a strategy that also allows you to pique their interest first at scale.
STAGE 3 – Leads
Once you successfully generate an interest, a property owner will reach out to you in response to your contact in stage 2.
At that point, you have generated a lead.
So you cannot call it a piece of data like a property address until it has been attached to an actual response
…with an interest to entertain an offer to purchase.
When you drive around town for dollars and collect vacant properties’ addresses, that’s just data.
You would still need to find the contact information of the owner which is still stage 1 and then on to stage 2 which is initiating contact.
When you do that enough, you will increase chances of stage 3; generating leads and then negotiation can start.
All these will happen before you can smell a deal even remotely.
Below is a question for us to address with this lesson…
“I contacted a property owner that said she lost her home in a foreclosure.
When I look up the property address on the tax assessor website, it says she is the owner.
What would you do?
Another one.
What should be my next move?
The seller is not motivated.
Not sure how to approach creative finance at this point.
[We are not in a hurry to sell. While we have room for a little negotiation, we aren’t desperate to sell. So only $5 or $10K room in negotiation]”
Enjoy the video.
