What is the best way to submit offers?

[Brian V.]

I watched the BP webinar yesterday and they said I should create a deal funnel.

-Generate Leads

-Quick Screen

-Analyze Leads

-Make Offers.

Lets say I get 100 leads, screen them down to 50, and analyze 50 to determine I want to make 10 offers.  What is the best way to make offers. Should I submit a "letter of intent" or an actual contract? 

Preparing a bunch of contracts seems inefficient, where as submitting a letter of intent with proposed offer seems like it could be more efficient.

How are you guys submitting offers. Additionally, lets say I was making offers with a Realtor on the MLS...won't that drive my agent crazy having to create many low offers that probably will never get accepted just for me to get one deal. How can we make efficient use of our Realtor's time and our time when submitting offers.