Flip Tip Summary

Do you utilize a scorecard to monitor how well you’re performing in you real estate investing business? If not, how can you improve? Franklin Cruz shares a quick tip to talk about how you can measure your stats and performance to improve your performance as a real estate investor. Check it out…only on FlipNerd.com!

Flip Tip Transcript:

Mike: Hey it’s Mike Hambright from FlipNerd.com and we have a quick VIP tip to share with you from Franklin Cruz, who’s going to share a tip on how to track your stats.

Franklin: All right. Perfect. So the easiest way to track your stats, and I know everybody always want to get that sophisticated software that you don’t have to do anything, that you press two buttons and it tracks all your stats because it goes inside your brain, it takes off the stats and it puts on this beautiful data on a nice spreadsheet and gives it to you on an app.

Well, I’m not going to give you that because that hasn’t existed yet and we do not live in 2144. So I’m going to give you the easiest way how anybody could do it. If you’re sitting down watching this, you could track your stats the most simplistic way possible. So do you guys want to know the answer?

Mike: Yes.

Franklin: Perfect, and you can click yes or wherever you’re seeing this, say, on the social media site, comment “yes, yes, yes.” So the simplest way is this. This is I want you to try. Write these items down. One is going to be your call time, like what I call a call session. Whenever you’re talking to sellers or creating buyers, what is the session that you’re actually doing, and I look at it from a military time point, so 60 minutes or an hour. So let’s say a call session is 60 minutes. That’s your call session. Well, out of that call session . . . now you also had to turn off all social media, all your notifications, everything, so you’re not getting distracted . . . out of that call session, how many people did you actually talk to that filled out a lead sheet or filled out all the information that you’re looking for to find out if this is a deal or not. You can call it a lead sheet, call it whatever you want. So how many of those, let’s say out of 60, you’ve got four people that filled out a lead sheet.

Now remember, an effective conversation is between 14 and 17 minutes, so between four conversations of 14 to 17 minutes, that’s about an hour. Great job. You’re on point. Now, out of those, now here’s the next thing you want to write. Now I got a lead sheet. Right after that, how many people, how many contracts did I send? Let’s say out of those four I sent two. Now out of those, how many contracts got signed? Perfect.

Those are the four easiest things that you could track. You could track on a sheet of paper like I just tracked it or if you really want to get super ninja, you can put on Microsoft Excel spreadsheet and have your wife, your uncle or whoever who knows how to do kind calculation thing, you can do that too, or you can have a Gmail account that’s free and go to Google Docs, Google Drive, and create a spreadsheet that does it all for you. That’s the simplest way. And then what happens is then you start seeing your score. In 60 minutes, the first day I got four leads. In 60 minutes the next day I got five leads I sent off four contracts. In 60 minutes, I got three leads by sent out three contracts and three signed and came back.

You start looking at your score because at the end of the day, it’s almost like if you don’t see your progress then you’re just like, “Why the heck am I’m doing this? It’s like there’s no purpose. A month ago I said look, I was at 230 pounds, and I do cross fit a lot of it hopefully was muscle, and I said, “Man, I’ve got to slow this thing down.” So I needed to change my diet a little bit, so every day I started tracking because I still eat five meals a day but I switched my carbs from regular carbohydrates to just salads and my meat. I have a chef, I know I’m spoiled, so I have a chef and so I told her this is what I want. So she started creating that and now, right now today talking to you, I’m 206 in 30 days.

So in 30 days I went from 230 to 206. And it was all from just tracking my stats and seeing the progress and I got motivated every day. So consider that’s the exact same thing that you’re going to be doing with your leads that you’re going to be tracking. So that is your quick tip from Franklin Cruz.

Mike: Thanks Frank. Good stuff. I appreciate it, my friend.

Announcer: Thanks for joining us for another FlipNerd.com Flip Tip. To access hundreds of tips and full expert interviews, please visit FlipNerd.com or join us in the iTunes store.

We’d like to thank our sponsors, RealtyMogul.com and National Real Estate Insurance Group.

To access the most robust social platform in existence for real estate investors, where you can find off-market wholesale deals, find great vendors to help you in your business, and learn and socialize with other real estate investors, please visit the all-new FlipNerd.com. If you’re not yet a member, you can set up a free account in less than a minute.

Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.