[Case Study] How Edisson made $17K from a free lead: Part 3 of 3
Today is the final blog post in the 3 part series sharing how Edisson made $17K from a FREE lead and how you can do the same. Today's part of the series focuses on marketing (color by numbers) and acquisitions! Warning: The content in this post can and will change the game for you if you decide to implement it. I hope you decide to do so. Be blessed!
Before I continue with Edisson's case study I have to get something off my chest...
You've Been Lied to, and Your Marketing Approach Is All Wrong,
but I do have good news...
a) it's not your fault and
b) your marketing can be fixed.
I'm going to be blunt...if you have been told in the past that the only way to get deals is waiting passively for sellers to call you, then unfortunately, I have to tell you that you've been shown the slow path to getting deals.
Like I said, not your fault though, because the guru that probably showed it to you was regurgitating the old-out dated techniques that were shown to him or her...
I know, it's a broken cycle...but today I am here to change that...
My goal has always been to give you so much value for free, then when I do ask for a commitment it will be a complete no brainer option for you.
I don't know what other peoples motives are but I have found that many people who are showing "how to get deals" don't actually do deals anymore...
Yeah...that's crazy right?
Here at FlipTEAM I want to provide the shortcut, the fast track, so you don’t have to waste time figuring things out.
I want you to learn from my experience, what actually works, shorten the learning curve, copy and paste my proven methods and achieve your desired results in record time..
So who am I?
What have I accomplished?
My real estate acquisitions company did over 7 Figures last year and are on pace to do it again this year and I have this cool award to prove it:
And the deals we got from FlipTEAM definitely played a part in making that happen...
So to give you piece of mind, my real estate company is where I test everything and FlipTEAM is where I bring it to you...
So rest assured, here at FlipTEAM we know a thing or two about marketing...we actually do this every day and have data to back it up!
When you invest in any of our products or services, you are not buying “real estate advice” from a marketing company, you are investing in knowledge from a company that actually practices what it preaches.
I have always believed in "data not drama", because it cuts through the clutter and points out what is actually working and what is not....
I encourage you today to place facts over feelings and be open to the idea that there could be another way to get deals than you know right now...
FlipTEAM is the NEW WAY to get the BEST deals in an ever changing, shifting market...
Today, I am going to drop some data and you can just let me know if it makes sense to you, cool?
Ok...back to part 3 of the case study where Edisson made $17k from a FREE lead :-)
So What Did We Spend To Get Edisson This $17K Deal?
Here's a breakdown by the numbers:
- 1 Skiptrace @ .25 cents
- 4 text messages @ .07 each = .28 cents
- 3 emails @ $0 each = $0
- 1 phone call @ $0 = $0
- The cool thing is we didn't even have to pay for the lead, until we closed and made a profit from the sale!
- Once we closed on this deal we paid the Property Locator $500 as a marketing fee for bringing us this deal.
Total all in deal cost: $500.53
You do the math on that one, pretty insane return, right? I mean where in this market today can you find deals like that, for that little of marketing investment? I would also like to note that all of the marketing above was done inside FlipTEAM, without the use of any other 3rd party services...
So, now you know the numbers, let's dive into what was actually said to the seller to get this property under contract and secure the deal. Cool?
Making The Seller Call: Real Estate Acquisitions
The first thing we do when calling a property owner is what we call setting the stage. Setting the stage is briefly sharing the outline of how the call is going to go, from beginning, to end so they know what to expect.
Psychology has proven that when people know what to expect they are more comfortable and inclined to making a decision.
What's the opposite of knowing what to expect? FEAR.
Fear paralyzes, immobilizes and prevents people from taking action, so when we call a seller the 1st thing we want to do is eliminate that and show them a clear path from beginning to end.
Here's how we do it:
"Our process is very simple. I just need to ask you some basic questions about your property, that way I can go ahead and evaluate the area right here on the computer and see what I can offer you. This process takes about 7 minutes. Sound good? Great! And Just to let you know, we are a Real Estate Investment Company, so we don’t buy every property we look at, however, we also have a team of Realtors that can assist you in selling if we are not a good fit to buy. Does that make sense?"
What did we do there?
- Showed them what they can expect
- Shared how long it's going to take
- Let them know it's OK if we end up not being a good fit
- Removed all fear of the unknown and even let them know about other potential options
Next, You Want to Either Ask or Confirm & Affirm.
The next step could go one of two ways:
a.)Confirm and Affirm: if you have a Lead Manager like we do, they have already gathered the basic details of the property. Then, when Acquisitions calls the seller back, they are going to confirm the details and affirm there wasn't anything else the seller left out.
b.) Gather Information: if you don't have a Lead Manager like we do, then you will gather the basic details of the property. These are things like bedrooms and bathrooms, why the seller is selling, how much they are hoping to get, property condition, etc.
I like to think of Acquisitions like being a detective. You are asking all the questions you need to put a story together and close the case and this applies to each of the two paths above. Once complete, you are now ready to make the offer and close. Remember, this is a people first business, so a key skill of a detective is active listening. Great detectives don't just think about what they are going to th say the whole time the seller is talking - they listen for key information that could help solve the real problem. Listen first, then present a solution. I share more about active listening in separate blog post in greater detail and I would highly recommend reading it here.
Lastly You Get The Property Under Contract & Close
Going into this property, since Edisson knew how to make offers on Fire Damaged properties, he made an offer, got it accepted and then, since wholesaling is our main exit strategy, he handed the property off to our property sales rep (Dispositions Manager) and we sold it in less than 30 days to a buyer.
Here's a breakdown of the numbers:
- Contract Price: $38,000
Sales Price: $55,000
Overall Assignment Fee Profit: $17,000
I hope you have enjoyed this case study as much as I have putting it together for you. Real Estate can be an incredibly exciting field as it puts us in a unique situation to help real people on a daily basis, while at the same time, creating freedom and income to achieve our own goals. Over the past 3 blog posts I have shared content that has taken me years and tens of thousands of dollars to acquire, but I have freely given it here for 2 reasons:
1.) I am passionate about your success and like to think of myself as a go-giver
2.) It is my hope that you will give the software that generated this deal, FlipTEAM, a shot so you can see what it can do for you.
P.S. If you would like the exact email template that we used to reach this seller, then download my Rapid Responder Email Sequence now. Simply copy and paste this simple email sequence into your favorite email service, send and instantly start reaching more sellers!
P.S.S Do you know someone who needs to read this post? Be a go-giver! Click the share button below now to share this with a friend.