What is the biggest reason most real estate investors don't
do enough deals? Simple... they don't make enough offers!
The average real estate investor will make less than 10 offers
before throwing their hands up and saying, "this is too damn
hard!". It's not that it is too hard... it's that the odds
are against you if you aren't making a ton of offers.
Think of offers as chances. The more chances you have in the
bucket the more opportunity you have to complete a deal. If a
raffle drawing has something that you really want... I mean
really want... will you put in as many raffle tickets (chances)
as possible? You should. If you only put in a few you aren't
giving yourself much of a chance to win.
Same thing goes for making deals. If you really want to make
a deal you need to give yourself as many opportunities for
making a deal as possible. The more offers... the more chance at
getting an accepted offer.
I have spoken with many successful investors who do 8+ deals
a month. Guess how many offers they make each and every month?
10? 25? 30? NOPE... They make an average of 50-75 offers
EVERY MONTH! They say that if they get a higher conversion ratethan that, they are overpaying for their properties.
So, how do you know how many offers you need to make? Let's work
through a quick example:
You want to do 2 deals a month and have been converting offers
at 3%. (you'll need to figure out what your conversion rate is.
In the meantime... use between 2 and 4%). That means that you'll
need to make just under 100 offers to get your 2 deals. Once
again, this is just an example... so figure out your actual conversion
rate and go with that.
In a future issue we'll go over how to bring in hundreds of leads
each and every month automatically.
So... if you haven't been completing as many deals as you want,
GO OUT AND MAKE MORE OFFERS! If you don't put your line in the
water... you can't catch a fish.
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