In this episode, I discuss follow-up, and the effect it will have on your business no matter how new or experienced you are. I have struggled with improving my follow-up over the years , and I can tell you that your competition is having a hard time with it as well, so the sooner you master it, the sooner you will explode your business!
What do I mean by follow-up? It can mean a lot of different things.
- Following up on houses that you are interested in, but need the price to drop more.
- Following up on sellers that were not quite ready to sell when you spoke with them.
- Following up with people you met at networking events.
- Following up with a potential partner.
- Following up with a potential investor.
These are just some of the areas that you can work on to improve your follow-up. Oftentimes, your initial meeting with a colleague will not net either of you anything, but if you follow up everyone has a better opportunity to find ways to benefit each other. I have had meetings with my peers in real estate, but it wasn’t until the fourth or fifth meeting that it finally became apparent that we should work together! Additionally, I have spoken to sellers who simply weren’t quite ready to sell. They thought that they could get top dollar for the house. After a few months I contacted them again, and they were ready to sell and had gotten more realistic about their house’s value.
Potential private investors are another great example of the importance of follow-up. In my experience, private lenders lend to people, not companies. Companies do not make you comfortable, people make other people comfortable. It often takes two, three, four, or even more meetings to form a good relationship with a private investor. But, if after only one meeting you stop calling that person, they will usually just move on to another person or invest elsewhere.
I was told early on in my business by my mentor that follow-up is the aspect of business that most people do poorly, and that good follow-up will make you a much more successful real estate investor. He was right!