Get Rich in Real Estate Investing - Part One: Constant Presence
Let's say you advertise your property for a week on Facebook Marketplace. Towards the very end of the week, you line up a tenant for your property and set a date two days later to sign the lease and pick up some cash as a deposit to hold the property. You are excited and ready to relax. You stop advertising for the next week.
The meeting day rolls around and of course - it happens. One of you has a kid that is sick, or a dog that needs surgery, or a car that isn't behaving and you need to reschedule. Then for no reason whatsoever when you try to meet up on the agreed-upon rescheduled day the possible tenant vanishes. Calls aren't returned, their voicemail box is full and their girlfriend, who you called because you were smart enough to get a backup contact number, has no idea who you are. Frustration settles in.
You begin to wonder if you can ever get rich in real estate investing. You have no more tenant leads because you stopped your advertising. To save a few hundred bucks you pulled your advertising and all the momentum you were building is lost.
The other possible tenants have vanished and you need to start all over again. You then resort to questioning human nature. A popular question asked at this time by beginners is "Why do these tenants lie? They said they wanted the house, why don't people do what they say they'll do? What's wrong with people these days?"
Nothing is wrong with people. People have behaved this way for hundreds of years and will continue to do so. The problem is you, not them. It's your lack of sales experience and knowledge that is the problem (a huge topic for another time). You focus on the negative and it's a downward spiral from there. We've seen this happen to amateurs over and over.
It ends up being so scary at this point some people just break down and decide they can't get rich in real estate investing and leave the game altogether. Bad idea, but to each their own.
Now, the professional does the opposite. The professional investor keeps advertising until the lease is signed and there is cash in their pocket. And not just free listings on websites like Kijiji or Facebook Marketplace. They'll spend the money to keep a well-written listing bumped to the top of the sites. A signed lease can represent tens of thousands in revenue. You get rich in real estate investing by getting things like leases signed.
Why would anyone jeopardize that to save a few hundred bucks on advertising?
Small thinking produces small results and by cutting off advertising before you have a signed lease agreement you are thinking small. The professional investor learns about human nature and realizes that people may not follow up on commitments. But the pros don't focus on that. Instead, they focus on having 3 or more possible backup tenants in the wings.
They continue to show the property to other possible tenants until the lease is signed. They attempt to sign the lease on the very same day that someone shows interest. If that person doesn't have the full deposit on hand, they accept whatever it is they have in their pocket. They know that when someone coughs up even a partial deposit they are emotionally tied to the property. They leverage their other possible tenants to create a competitive situation.
The professional understands momentum is key and works hard to create and maintain it. To get rich in real estate investing you must never stop advertising until everything is signed, sealed, and delivered. Never.
Next Wednesday, we’ll continue this topic: “Get Rich In Real Estate Investing – Part Two: Yard Signs”
If you are thinking of becoming a real estate investor yourself, or you are already an investor and would like to leverage your current investment(s) into more properties, or you are looking to sell one or more of your investment properties, give me a call at 905-683-7800 and I’ll be more than happy to answer any and all of your questions.
Thanks For Reading Today’s BLOG!
Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com
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