Partner Mail
2004
Partner Mail
Strategy 1: Only spend time with qualified sellers who have both motivation and condition. Motivation: a compelling reason to sell with a time crunch to do it in Condition: there is a way to structure a profitable deal - either the seller has the equity to take a deep discount in price or the financing is such that you can structure terms for you to make your profit that way.
Strategy 2: A deal is only a deal once you have signed contracts in hand. And even then, you might not. I just made an offer on an awesome house in a high appreciating area. There was a cash offer in ahead of me for full price. I made my offer higher. The seller rejected my offer because it was not a cash offer, and accepted the cash offer. Within 24 hours the cash offer pulled out. Apparently he made offers on several properties, tying them up, and picking which ones were best, and pulling out of the rest.
Strategy 3: Use "standardized" forms and contracts that you know how to use fast. Have your attorney review contracts you have, and have a standard version of them legally approved. Then make changes to them for each transaction by using an addendum.
Strategy 4: Perform your due diligence before; during and after you have the property under contract. I need comparables and a rough idea of repair expenses before making my offer. The title report is not essential until I have my offer accepted because I have a contingency clause allowing me to cancel if I don't have marketable title. Then after having it under contract, I will have a more thorough inspection and verify my previous numbers. I have a contingency in my contract to cancel based on my inspection.
Strategy 5: You don't need to see the house before you put it under contract. I know investors that never walk through houses they buy. Their trusted contractor walks through it for them. Others make an offer subject to inspection. This is on a hot deal that might not wait for you to perform an inspection. Sometimes the property is tenant occupied, and the seller will not let you walk through it prior to an offer.
Strategy 6: Always use open houses when selling or renting a property. If you set up a 1 on 1 appointment to show a property for rent, there is a 40% chance of a no show. Having an open house leverages your time, and is safer.
Strategy 7: Never stop marketing a property until you have NON-refundable cash in hand. I continue to market a property for back up offers. On the deal my offer got rejected, if the seller accepted my offer in a back up position, I would not go away and buy a different property in the interim.
Strategy 8: When doing the paperwork with your buyer or renter, ALWAYS collect the money FIRST then do the paperwork. Again, it is about leveraging your time. You want to make sure the money is available prior to spending a lot of time with the prospect.
Strategy 9: Value your time - hire an assistant. Or better yet, have a partner. Again we are talking about leverage. I never do anything that someone else can do for me. That allows me to concentrate my energy doing things only I can do.
Strategy 10: Have a system in place to take all your front line calls, whether it is an assistant, partner, or voice mail.
Strategy 11: Train your assistant how to qualify buyers, renters, and sellers while NOT giving away information you don't want them to have.
Strategy 12: Get a voice mail phone number. If you have a high volume business then get a hidden line and build a system to sort out the important calls from the low level urgent calls.
Strategy 13: Only give your hidden line to those people whose calls are most important to you.
Strategy 14: Be willing to request that someone NOT use your hidden line.
Strategy 15: Get and use caller ID.
Strategy 16: Get and use mandatory phone number disclosure on your hidden line (if available).
Strategy 17: Let calls go to voice mail and you call back the people you want to speak with.
Strategy 18: Turn off the ringer when you are a high importance project.
Strategy 19: Choose NOT to return some calls.
Strategy 20: Outsource to high quality vendors in a way that lowers your real cost and provides greater results for you.
Strategy 21: Build relationships with these vendors so that you know you can trust them and they know they can count on you over time. Switching back and forth and picking vendors solely on price is one of the COSTLIEST mistakes you can make.
For more information Visit www.bigdawgsbuyhouses.com AND www.realestatesecretsoftheunknown.com
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