I must be doing something wrong, but I am not really sure what it is.
In January of this year, my husband and I signed up to work with a mentor. He has audio sessions available that we listen to and learn about pretty much everything. His program covers all the basics, from A-Z.
The first 4 sessions (each session is about 3-4 hours long) are all about how to mentally prepare for success (being positive, writing out your goals, etc). After about two weeks, he set us up with radio marketing. We got our first lead in and we were so excited, but the problem was that we were not far enough along in the audio sessions and had no clue what to do with the leads that were coming in. I did my best to comp out and evaluate the leads that came in, but I am afraid some deals may have been overlooked.
Determined not to give up or get discouraged, we continued to learn as much as we could by listening to the 24 audio sessions and now have a better grasp on evaluating leads, comps, etc, but something is still wrong. We are going into month 3 and have not gotten a deal yet. Is this normal? Our mentor pretty much just says we are not being positive enough and are having negative thoughts, but I know that something else has to be wrong. We are not having negative thoughts, we just want to look at the reality of our business and actually find out what is going wrong. I can be positive all day long that the grass is pink, but that doesn't mean it is or that it will become pink.
Most of the leads we get in are for homes out of state, which our mentor has told us to ignore those leads. We also get a lot of leads for mobile homes and we were told to throw those leads out as well. We have had a few deals come through that look like good deals, but either can't get the seller to answer/return our calls, the seller is a no show or cancels appointments to meet us at the house, or we have found out after an appointment that the seller has liens that he/she failed to mention that put their owe balance way above our MAO.
We have been reading and studying negotiation skills to learn how to present and structure deals better. We just don't seem to be attracting motivated sellers and if we are, we must be doing something to turn them off.
Any advice anyone can offer would be greatly appreciated.
Real estate is a numbers game.
You have to face countless rejections and look at many properties to find one that makes sense.
Finding a deal isn't easy or everyone would do it. When you do successfully close on a deal and make more money likely than a job would give you in a year your perspective might change heavily.
Now many might get lucky ONCE but to duplicate those results over and over in a successful business takes skills and systems in place that you have to work day in and day out.
Not everyone is a NOW seller even though you would like to buy TODAY. I am in commercial real estate. From initial call to closing on something it might be 4 months sometimes but the check is 6 figures on average to me. So your seller might not want to sell today but in the future they might. They also might own another property that does make sense for you they want to get rid of or know a friend or family member with a different property that works.
Do not see everything as a yes or no today. There is gold in following up leads. Very few will be ready today in the next few weeks.
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