I did everything and still can’t close a deal!!!
You ever felt like “I CAN’T TAKE THIS S%@# ANYMORE!” You’ve done everything that you were taught, you know all of the techniques, watched all of the videos, read all of the books, and you’re still looking to close a deal! You’re tired of getting all of the information and by now you just want the results. You’re not going to buy any new programs or courses, and if you don’t close a deal soon you’re going to QUIT! Ever felt that way?
The problem with quitting is that if you have not accomplished your goals of achieving more in life, and real estate is the vehicle to success that you chose, you will have to face the fact that you quit and you will never be able to have the feeling of satisfaction. Imagine all of the people that were counting on you to win and succeed. You will not be able to pass anything down to the next generation due to your successes because you decided to stop. It is times like this where you must continue to pursue the dream. Don’t stop at this door. Where one door closes, there is always another that is waiting for you to walk through it.
Enough with the motivational talk now…let’s get down to business. I’ve been there and I’ve done that. The sad part is that as an entrepreneur, you will face this scenario many times over in your journeys. As entrepreneur, we find a way where there is no way. It is impossible until someone does it. Why can’t you be that person? In terms of real estate, you have to be able to track ALL of your movements and decisions to see what works and does not work. If you’re in the scenario that I described of almost quitting because you have not completed your first deal, here are a few things to give you some traction…
JV with another investor
There are many people out there that are looking for buyers. They have the properties, but no one has purchased them yet. This could be because of the specific market that they’re in, or the asking price is too high. However, there is a buyer for every property! You just have to find them.
IMPORTANT NOTE HERE***
If you don’t have a decent cash buyer’s list, this WILL NOT work! To be honest, building a strong cash buyer’s list should’ve been the first thing you did to build your real estate business anyway. You cannot approach someone that has a list of properties if you don’t have any buyers to send the deals too. Chances are that the deals presented to you have a %50 chance of not being a smoking hot deal. Therefore 90% of your buyer’s list may not like the deal. But that other 10% may like it.
Tap into the lists of your local realtors, wholesalers (local and nationwide), brokerages, network on facebook, biggerpockets.com, and any other places where people are doing deals. Let other people find the properties and you just introduce the buyer.
I had a consulting phone call with a student of mine and she was frustrated because she sent out multiple yellow letter campaigns. She even had a deal under contract and lost the deal (she didn’t correctly do her numbers and she didn’t have a buyer’s list). Talk about taking the breath out of ya! She wanted help but she mentioned that she didn’t want to do anymore yellow letters or bandit signs in her market. I knew she didn’t want to hear it, but I told her to do more yellow letters. She didn’t want to do it and a week letter, she told me that she quit. Unfortunately quitters never win.
Gone are the days where you will send out a small campaign of 250 letters and you get 2 deals from that. I can and may happen to you, but you’re really just scratching the surface when you do a small campaign like that. Don’t get discouraged if you send out a campaign or two and you don’t get any solid deals. This is normal.
My mentor recently sent out 2,000-3,000 pieces of mail in one market until he got a deal. It cost him a few thousand dollars and most people would have quit, but he eventually landed a deal. That one deal was worth $7,500 for a wholesale transaction. Would you say that was worth it? I would! I recommend the same to you. I understand how frustrating it is and the stories that other people tell about closing deals and how fast it happened, but it is not the typical story, or else everyone would be doing it. When you see the Wall of Jericho, don’t quit. Blow your trumpets so it can fall down!
I don’t have the funds
This is the common complaint that I hear, but quite frankly, it’s the sorriest as well. If I told you that you have 1 million dollars to your name, but you have to find $20,000 to get it, you would find any and every way to find that $20,000. The same goes here with real estate and marketing for deals.
I created this website Emancipation Occupation because people have dreams that they want to fulfill but they either don’t know how to get there, and they don’t have the resources and money to get it. I provide tips and tools to help you get the resources. If you don’t have the funds for marketing, sell something or complete a few services for hire so you can get the funding. In my blog post 5 ways to make $500-$1000 I go through many ways that you can make money online so that you can make the extra dough (cash).
You can host a garage sale and sale a few things. Imagine selling $25-$50 of things in one week. Now do this for 4 straight weeks. That’s an extra $100-$200 for your real estate marketing. So what if it takes another 2 months to get money together to invest in your business…that’s why it’s called an investment. One thing that social media has done negatively is created a false notion that everyone can make money by the snap of a finger. I have news for year…in today’s time, 90%+ businesses still close within 2 years of opening. Part of it is because they weren’t realistically prepared for the grind. I’m preparing you now. Do whatever you can to build the funds for marketing your business. It will pay off. You just need 1 deal, and that 1 deal can change your life! Imagine what a measly $3,000 deal would do for you! Pay off debt, pay for a few months of mortgages, pay for private schooling for your kids. You just need a little breathing room. Keep pushing and you will find that the breathing room is closer than you think.
Get someone to invest in you! Tell them that when you get a deal, you will split the deal 50/50 with them. Don’t be greedy here. You just need to knockdown your first few deals to give you enough capital for your business to stand on its own. Team up with someone who is looking to get a return on investment with their money, get some marketing, and close some deals. Be very clear with what you’re going to do. I recommend even making a small powerpoint slide of what you offer and the type of money you can get. Contact me if you need an example of how to do this.
Enjoy the journeys of entrepreneurship. You will soon have the stories to tell others about the hardships that you’ve had. You will find yourself being an expert and teaching others from what you know in the things that you learn. I know it can be stressful at times, but that why the reward is so great.
Make small precise, and calculated decisions. The only reason that someone would panic is because they bit off way more than they can chew. If you stick with me, you will be in situation where the risk is minimal, but you can still reap the benefits. You will not have to put your house up for collateral or nothing like that when trying to close a deal. People do crazy things and get themselves in troubled situations because their moves are not calculated and precise. Know what you’re getting into so that no matter what happens, you enjoy the journey and decisions that you make in entrepreneurship. SMILE!!!
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