So I started wholesaling here in Philly in October 2020, & so far I’ve had some decent success. I’m closing on my 5th deal on Monday, & I even found my own personal residence that I closed on during my journey.
I recently got a good understanding on KPI’s and how to track them, & I want to tighten up on my own KPI’s to have more predictability with how many deals I can do per month.
My question is, what do you consider a "lead"? Specifically for outbound marketing (cold calls). Is it ANYONE who says that would sell their property, including the people who say they want a ridiculous number. For example, the person who wants $700,000 for their property that has an ARV of $150,000. I find that a lot of those are just finding a sarcastic way to say that they aren't interested in selling.
Your input is greatly appreciated!
@David Emanuel I would consider a lead as someone who is looking to sell their home quickly for a personal or financial reason. The best deals are going to be from sellers who are distressed and need to get out of their home as soon as possible. Most municipalities have free public information on people that could be a motivated seller. Someone saying they would sell for $700k when the ARV is $150k obviously isn't distressed. The "leads" I would track in your KPI's are the kinds of people that are motivated to sell.
Such a good question David. We get asked this all the time but I think that it really is dependent on how you send out offers. If you are sending them to anyone that raises their hand saying they are interested, well then that's a lead in my opinion. There's going to be a lot of crummy leads in there but still one in my opinion. Followup is obviously massively important here but I think it's also smart to know which ones to just dump in a follow up sequence campaign and focus on the ones that are actually interested.
@David Emanuel I'd consider a lead anyone who says they are open to selling. Now, there are different temperatures for a lead. WI considered cold leads anyone who was open to selling. Warm was anyone open to selling within the next 30 days and was asking a reasonable price. Hot was anyone who wanted to sell in the next 2-4 weeks, and had a strong pain point.
My criteria might be different from others.
Hope that helps.
Thank you guys for your responses, very helpful!