I have been trying to figure this out for some time now. Whether you are in real estate or any other business for that matter, it’s pretty easy to figure out if you’re doing a good job. When you have happy clients and repeat business that’s a pretty good indicator that you have satisfied the folks you are working with. And honestly, most of them will be happy to give you a testimonial if you ask.
I Hear this All the Time
Investors tell me, “I have been intending to ask for testimonials for quite some time. Each time when I forget, I say I will do it next time”. We all understand the importance of having these words of praise on your website. So what exactly is the problem?
I honestly think it's two things.
First of all, people just forget. They go to the closing, get their check and about halfway home they remember they forgot to ask for a testimonial.
Getting an Unexpected Testimonial
I got a surprise in my email the other day. I had been working with an estate attorney that was new to me. His client, who was my seller, was an absentee owner of a property he inherited. That is definitely one of my favorite types of motivated sellers; absentee owners that have inherited an unwanted property.
When I opened my email this is what I saw:
“It’s a pleasure to work with such a knowledgeable and pleasant investment buyer. Hands down the easiest estate sale I’ve handled in a very long time.”
It's great not even having to ask for testimonials.
How Did this Deal Go?
I intended to wholesale the property, and I found my buyer within a couple of days. That in itself was quite a surprise. This house was structurally damaged and I really thought I would have a hard time selling it. But I will save that story for another time.
We worked through a number of issues and got the closing done quickly and smoothly. He told me many times how much he enjoyed working with me, and how easy the whole process had been. I half jokingly said to him, “That’s great. That would make a great testimonial if you feel that is something you would feel comfortable doing.” A few days after the closing I received his testimonial. In this case I didn't have ask, but you will be surprised at the “yes'es” you get just by asking.
Feeling invisible in your marketplace? Hey, I've been there.
Today’s show is on that awful feeling we get in our businesses. We’re working hard, but we feel like we’re spinning our wheels. And what’s even worse, when it comes to standing out in our marketplace, we just feel invisible.
That almost always happens when we have neglected to build a brand around our business. Maybe you are losing business to your competitors. Even worse, maybe no one really knows who you are or what you do. If that’s the case it’s entirely your fault, but I’m going to tell you how to fix that problem in this show.
It’s been my experience that most folks get into real estate with just one thought; I want to learn how to buy property at deep discounts. Most likely if you’re just starting out, you may have an idea of which strategy is a fit for you (or maybe not).
If you have some cash or you have borrowing power, being rehabber or a buy and hold landlord might be the strategy for you. A wholesaler who doesn’t have cash or credit, doesn’t necessarily need either one of those things.
Is it possible to buy property to buy property with little or no cash and no credit? Yes, you can. Can you build a business with little or no money? I have to tell you, it’s really hard. You’re going to need to spend some money on marketing. But the other thing you need to be doing simultaneously is building your brand. This is something you have to purposely do yourself.
When it comes to branding, your reputation and success go hand in hand. You will never be successful if you don’t manage your reputation like your life depends on it (because it kind of does), your business is going to experience serious consequences. These things are intricately woven together.
It’s often the simplest of things that will derail your credibility, damage your brand and ruin your reputation. Let’s face it; we all make mistakes. It’s how you hand the problem that determines the eventual outcome.
When you think about how to do more deals in your REI business, most people immediately think about increasing their marketing especially their direct mail marketing. More marketing typically equals more deals right?
Here’s the question; is more always better?
Will sending out more mail pieces make you more money? Maybe. However there are a number of things to consider.