Justin Wilmot mentions how the idea seem cliche, yet many still aren’t following up and they’re leaving money on the table.
Justin goes over the importance of having a process in place for your follow ups so that a team member can continuously know when and who to follow up with.
Mike: Welcome back to the flipnerd.com 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: How are you doing? My name is Justin Wilmot and I’ll be your host for today’s REI Classroom. And today, I want to talk to you about the fortune in the follow-up. It’s a cliché, but without it you’re leaving a lot of money on the table.
Mike: This REI Classroom real estate lesson is sponsored by FlipNerd Investor Coaching, your blueprint to investing success.
Justin: All right. So today, we’re talking about how the fortune is in the follow-up. Now, you’ve heard this cliché and look, when I was a newbie almost 10 years ago, I really rejected this because it wasn’t part of me, not an organized person. If you know much about me, I’m the lifestyle real estate investor and coach and so I’ve designed my business to allow me to pretty much travel the world and surf and not be stuck in the office. As a matter of fact, I literally just got back from Puerto Rico chasing a swell from these hurricanes we’ve just had.
So at the end of the day, if we’re not following up with seller leads or buyer leads, we’re leaving an insane amount of money on the table. And even worse than that, we’re actually wasting a lot of money. Because what happens is you find yourself continuing to look around for the next best thing, right? Whether that’s a seller lead generation thing or a cash buyer lead generation thing. Rather than mastering and focusing in giving really, really good on the one thing that you should be getting good at. And then once you’re good at that, and there’s a process to set up, then scaling and moving on from there.
So the idea of following up, we’ve got to have some sort of process and protocol in place. And if you’re anything like me, it’s just not my gig. So what did I have to do? Well, it wasn’t hard to at least conceptualize a process that needed to be happening on a repetitive basis. And then I needed to figure out, “Who can I have do this for me?”
So whether that’s going to be and internal team member or an external virtual assistant or even a virtual assistant team, you’ve got a bunch of resources out there like myhelpdesk.com where you could put a process together that you know you need in order to follow up with say, your buyers one month, on a daily basis or to follow up with your sellers.
So write it down, take the time, put a Word doc together, or even better yet, do it all digital modern, which what I use is this cool thing called jing.com and I’ll just record my process. From there, then decide who you’re going to outsource it to.
Now, for me, I do everything internally. I need to keep everything to my internal teams when it comes to this kind of stuff, especially sales. But if you don’t have an internal team yet, no worries. There is an immense amount of opportunities out there, especially virtual assistants that specialize in just the real estate space, which is what I would highly recommend. So ask other people that might be using a virtual assisting company and see if they’re willing to share their information with you. Nine times out of 10, they’ll be more than willing to do so.
So take a look around, see what you can find for somebody that can implement these processes for you. And if you’re newer in this space and you don’t really have your mind wrapped around exactly what it is, ask somebody, “What do I need to do on a daily basis?” And then, just write it out on a Word document or create a Jing video. And trust me here, anything is better than nothing. And you will never be wasting time or money on this process because to the degree that you follow up is to the degree that you’ll see success in this business. And anybody that you know that’s doing well in this business, I will guarantee you they have a very strict protocol and they follow up with buyers, and sellers, and investors, private money, whatever it is.
So please don’t be like I was in the beginning. If you’re struggling or if you really want to see major success in this real estate business, make sure you just create a protocol and a process. Again, whether it’s on a Word doc, or whether it’s using a video. And then choose somebody to start implementing that process for you. By the way, if they go away or they don’t do a good job, they disappear, no worries. Just find another person. All right. Great tip, go ahead, use it, go make some money.
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