CS6 – Residential Property: REI Tasks

Lesson Notes

Timestamps: 

4:30 – What is Real Estate? 

3:57 – Lead Generation 

18:57 – Calls 

23:07 – Appointment Setting

 

In this lesson:

• Lead Generation
• Calls
• Appointment Setting

 

Involves the purchase, ownership, management, rental and/or sale of real estate for profit. Improvement of real property as part of a real estate investment strategy is generally considered to be a subspecialty of real estate investing called real estate development. Real Estate is an asset form with limited liquidity relative to other investments, it is also capital intensive (although capital may be gained through mortgage leverage) and is highly cash flow dependent. If these factors are not well understood and managed by the investor, real estate becomes a risky investment.

 

REI Tasks
Lead Generation

In marketing, lead generation is the initiation of consumer interest or inquiry into the products or services of a business. Leads can be created for purposes such as list building, e-newsletter list acquisition or sales leads. The methods for generating leads typically fall under the umbrella of advertising, but may also include non-paid sources such as organic search engine results or referrals from existing customers. 

Leads may come from various sources or activities, for example, digitally via the internet, through personal referrals, through telephone calls either by the company or telemarketers, through advertisements, and events. A 2015 study found that 89% of respondents cited email as the most-used channel for generating leads, followed by content marketing, search engine, and finally events. A study from 2014 found that direct traffic, search engines, and web referrals were the three most popular online channels for lead generation, accounting for 93% of leads.

 

REI Tasks

There are four ways how Real Estate Investor gathers leads:

• Yellow Letter
• Cold Calling
• Online Leads (Craigslist, Zillow, and REIPro)

Yellow Letter

 

The Yellow Letter Process:

The investor sends out yellow letters to homeowners in the area. Once homeowners get the letter, they will then call the number on the letter and they will go straight into the answering machine. 

The answering machine will guide them to leave details about the property they want to sell. This includes lot size, room counts, age, mortgage, and how much they are asking for the property.

After they give all the information, they will be told to expect a call from the company to further discuss the selling of the property.

 

Your part as a REVA is to listen to the voice mails and determine the motivation to sell. Keep in mind that some only calls to know how much their property is worth but do not really want to sell, some call and tell you to never contact them again, and some call because they do want to sell.

After determining which ones are really motivated to sell, you will call them back one by one and ask for the property information and input it into your CRM.

Now that you have built your motivated sellers list in an Excel sheet, you will call them one by one to ask if they are still thinking about selling their property and if they are, gather all information needed about the property. Input all information in Podio as “New Lead.”

After gathering property information, set up an appointment for the seller and your client to meet so the investor can give the cash offer on the property and they can sign the contract.

This is going to be an all-cash deal and the closing cost will be shouldered by the investor.  

 

Cold Calling

In this process, the Investor goes to the county office and asks for a list of homeowner’s names and phone numbers. Usually, homes that are about to be foreclosed are the ones with a higher motivation to sell or need to sell.

Once your client provides the list of names and numbers, you start the cold calling to find leads that are willing and wanting to sell their property. Input information on the CRM (Podio) and set up an appointment for the seller and your investor to meet for the cash offer on the property and signing of the contract.

 

Online Leads

Also known as Lead Scraping. You can find leads online by using keyword search. Keywords that are usually used for looking leads online are FSBO (For Sale By Owner), divorce, relocating, mortgage, and relocating for work. There are free websites as well as paid websites that you can go to for finding leads. 

Websites for Lead Scraping

Free

• Zillow
• Craigslist
• Trulia

Paid

• Freedomsoft
• REIPro

After finding leads, put them in an Excel form and start calling one by one. Input information to CRM (Podio) and set up appointments for the investor and the leads that are motivated to sell. 

What we’ve learned today:

• Lead Generation
• Calls
• Appointment Setting

 

Portfolios

REVA Portfolio 6:

• Create a seller’s list with 20 contacts
• Create a buyer’s list with 5 contacts
• Use Google sheets (one for each list)
• Attach both files to the email and send to: reva@surgedigital.agency

 

Email Subject: REVA – Portfolio 6

 

Examples

Use the arrow on the navigation bar to view the other pages of the portfolio samples.

Portfolio 6

 

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