Today’s REI Classroom Lesson

Today, Justin Wilmot talks with us on how to track your leads (both sellers and buyers). Without tracking your leads and the marketing you’re sending to them, you’re wasting money!

REI Classroom Summary

It’s important to track your leads in order to find out what’s working for you. Also, Justin shares his system on having a VA or team member track follow ups from your leads.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Mike: Welcome back to the REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Justin: Hey guys. My name is Justin Wilmot and today, I’ll be the host of your REI Classroom. Today, I want to talk to you about tracking buyer and seller leads.
Mike: This REI Classroom real estate lesson is sponsored by FlipNerd Investor Coaching, your blueprint to investing success.
Justin: All right. Justin Wilmot here again. Now, look, at the end of the day, if you’re not tracking all the progress that you’re making, you’re wasting money. I found this out the hard way and I did it for years wasting so much money. So the idea of tracking buyer and seller leads, really only two major elements in this. One, how are you going to track them and where are you going to track them. So there are a few easy things. You can get any CRM, customer management. So anything like FreedomSoft or Podio, there is a handful out there.
But make sure you have something that if you’re scaling your business, you’re going from one deal a month or two deals a month or whatever, and you want to have a more dependable business, the idea of tracking everything you do will completely change your business. Again, not in my personality, not kind of the thing that I love to do. So if it’s not something that you love to do, get the database and then find some sort of marketing manager or a virtual assistant team that can do this for you.
So let me put this in the context and make an example. Let’s talk about buyer leads, cash buyer leads. As a wholesaler, you need lots of cash buyers and at the end of the day, let’s say we pull a list or a buy a list of cash buyers in your target market and you or somebody on your team makes all those outbound calls. Let’s say it’s 200 leads on that Excel sheet. I mean the reality is people don’t pick up their cell phones anymore. At least I don’t. If I don’t know the number, I’m not picking it up. That tends to be pretty common and so our expectations have changed.
Here are our expectations. We want to leave as many voicemails as possible and then we want to track every voicemail that we left and how do we track them? Well, we use something really simple. I’ll give you a tip that I gave to a lot of my mastery coaching students and that is It starts with a V. Really simple software to use, very cheap too. But if you’ve ever heard of Google Voice, it’s like Google Voice on steroids but still basic at the same time and it’s very effective. One of the better things is it actually records all the audio so you can listen in for quality control.
Now in regards to the voicemails and having a protocol and a process in order to maximize and track, well, Vumber gives you this little option to flag every voicemail that you leave. So set up a system and a protocol and be responsible and be disciplined. What would that look like? Well, for every flag, let’s say you bought a list of cash buyers and made all those outbound calls using a script or whatever it is that you do, unfortunately most people would just call the list that one time and then say, “These were our results. This is my result.”
Well, in all reality like I mentioned, people just don’t pick up the phone. So for every flag, set the protocol and call them back once a day for at least four times. That’s what I like to do. So that’s a process and that’s a way to track outbound calls so that you’re not always looking around for another thing. You’re trying to figure out what works. If you get a good list of cash investors, and I’ve been talking about retail cash investors, if you get a good list, make sure you utilize the list and don’t try once. Track and follow-up.
Now, what’s really cool is that second part that talked about the CRM. When you get a yes, that’s where that ultimate yes cash buyer lead goes. Better yet to get a perfect funds letter, you can upload that perfect funds and create a file and all the data and information and all the buying criteria for that person. So the idea of tracking is critical and if you’re not tracking, you’re wasting money. Just one more point, when it comes to seller lead generation, this is even almost 10 times more important.
Because as time goes on, and let’s just use direct mail as an example, we’re always changing our direct mail, the piece, the list, lots of little elements, even the little PS at the bottom, sometimes even the stamp or how about the day that you send it out. If those details aren’t being tracked in your CRM or anywhere and you’re just sending mail out at all times, how do you know what’s the most effective list or what’s the most effective campaign for you and your particular market.
So what I would like to do is track and then at the end of maybe 6 months or 12 months, look back at what becomes the most effective, which campaigns optimize and converted the best. Then what do you do? Rinse and repeat. Rinse and repeat baby. Stop wasting money on things that aren’t working. Find the winner, scale, and perfect the winner. Go out there, make some money.
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