Real Estate Investing!

Turning into a work a holic - http://www.dealmakerscafe.com Forums

Original message

RobertNM

"Turning into a work a holic" , Sat 24 Feb 21:22

What are some things that you guys, and gals, do that trim off the amount of time that you spend "doing the business". I find myself going like a madman and sometimes it is hard to take time for the family. Are there some specific things that you do to not get run all over town every time someone calls to sell or buy? Do you have time parameters? Is anyone experiencing this. By the way, I have bought 4 houses in Feb, have one sold, am holding one(4plex) and have the other two on the market.
Thanks

Robert in NM

Replies:

Al Jordan

"Re(1):Turning into a work a holic" , Mon 26 Feb 10:53

Robert,
My fix for the prob. was to SCHEDULE time off every week (how to use that time is another post or maybe a course LOL). I was "working" 24-7 with no break at all. With only a set number of hours to work on RE, I'm more productive.

If your time off is systematic, you'll find time where you thought it was missing. Once you can put your schedule on autopilot, you can start to put other aspects of your buying/selling machine on autopilot.

Al

"Nothing in the world can take the place of perseverance...
Persistence and determination alone are omnipotent" -Calvin Coolidge

Roberto

"Re(1):Turning into a work a holic" , Mon 26 Feb 08:18

Robert,

The "buyer convention" idea is a great one. If you don't like that one, here is another idea that I use that may work for you.

Get yourself an answering machine that will allow you to record a long message and that will take many messages. I use my PC and a Microsoft phone, which allows me to leave a 3 or 4 minute message and lets me record up to 1000 messages!

I adopted the strategy that I don't mind telling the potential buyers the story of the home, but I resolved to only do it once. So, I recorded a message that gives all the details and more about the home, financing etc. In the message I instruct them that in order to qualify for the loan, they must go by the property and view it.

When they get to the propety, I have two "take one" boxes screwed to the home. In one is a flyer with the same info as I left on the answering machine. In the other is a box of applications. Right above the boxes (taped inside the window) are instructions to take an application, fill it out and fax it to me. You may also direct them to a place nearby that has a fax machine they can use, such as Office Depot. Be sure to put the fax number on the sheet in the window as well as on the application.

If they are interested, they will fax it. Depending on what type of deal you are offering, typically only the better qualified will tend to fax. It's very exciting to come home and find 7 or 8 completed apps on your fax. You can then pick and choose.

I also made this a rule and I stick to it no matter what: I will not show a property to anyone, under any circumstances, unless I know I can get them qualified for my program. If they cry on the phone that they won't give you information until they have seen the home, tell them thank you for your time and good luck. 99 times out of a 100 they will give it to you.

If you use the fax method, you won't need even need to talk to them unless you are interested.

Whichever technique you use, please don't spend all of your time meeting people that couldn't finance the lettuce on a Whopper. If you are holding the note, you should still be qualifying them. I found that if they are truly interested (and these are the only type of buyers you want) they will jump through some hoops to get the home.

Hope that helps.

Rob

Lynn
Moderator

"Re(2):Turning into a work a holic" , Mon 26 Feb 08:47

Roberto makes a good point. Although I'm not nearly as stringent as Roberto, I do use a voice mail system for buyers. Mine gives them a full description of the home, directions etc. Our message asks them to drive by first and then call for an appointment, but we DO give them our direct phone number within the message. Using this system saves us a lot of time on the telephone since we don't have to describe the same houses twenty-times a day.

Happy Investing!
Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?

Lynn
Moderator

"Re(1):Turning into a work a holic" , Sat 24 Feb 23:19

Robert,

You make a great point. It's easy to get caught up in working every available hour of the day, especially when you are cranking out the deals like you are

. If you find yourself getting caught in the workaholic trap then simply "schedule" family and personal time, and don't allow yourself to change the schedule, and occasionally TURN OFF THE CELL PHONE.

We do tend to jump to meet sellers, but we try to handle the buyers differently. We typically schedule buyers in groups. By scheduling them in groups we limit the number of trips we make plus we create competition with the buyers.

When we have several properties to market at the same time, and especially if they are spread out, we have someone who helps us show them. He is contract labor and we pay him a percentage of the option-consideration deposit.

Hope this helps!
Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?