How to beat the competition?

[Tony Marcelle]

How to beat other investors who are willing to pay higher offer price than what I will pay for? How do you close deals faster even when sellers will not budge from their high retail asking price? Do you use other people money or your money?

[Michael Quarles]

Originally posted by @Tony Marcelle:

How to beat other investors who are willing to pay higher offer price than what I will pay for? How do you close deals faster even when sellers will not budge from their high retail asking price? Do you use other people money or your money?

Good to meet you...

There is not such thing as competition... 

Refocus... Look at others as benchmarks.... A benchmark is a place and time in your life. In fact knowing there are benchmarks drives me to do more. Let me explain.

Lets assume I have bought 1000 houses... Not bad right? now lets look at my benchmarks.

I help people all of the time who haven't bought a house or maybe 1 -2 or 100. I am their benchmark... Because of me they know it can be accomplished. 

Now lets look at the people who  have bought 2000 - 4000 ever 31,000. Those people are my benchmarks that drive me because I know I can do more, do better accomplish just as much or more. BTW I did speak to the man who has 31,000 doors.

Now to you concern that other are giving higher prices. Personally I love it because at least two things could happen and both are okay to me. 

1. They tie up their funds on an overpriced house which lets me by the house they cant because they dont have the money.
2. When they cannot perform and I always follow up even when a seller says they sold to someone else, I can now buy their house at a better price.

When a seller wont budge that is fine put the in a followup campaign and continue to communicate... you cant buy everything. 

The reality is that if you dont have quality leads that is a consequence of Lead generation, lead capture, lead Nurture and Lead fulfillment. All four should be running at a level that overpriced sellers wont matter.

Think about where the majority of leads come from for a second.

• Direct Mail
• Google Adwords – Google Search*
• YouTube
• Facebook PPC
• Cold Calling
• COI
• Past Customers
• Networking

With all this said you  must have a way to automate you systems of followup.... I do the following

• Send 29 emails to every prospect over 59 days
• 15 Text messages over 90 days
• Call on day 3, 5, 7, 10, 15, 30 60, and 90
• Call my COI monthly
  
  • divide your list by 22 and call that many daily
• Call 6 people I do not know weekly
  • 2 Realtors
  • 2 Lenders
  • 2 Venders
• Mix up your routine 
  • go to lunch at a different place 
  • get gas at a different station
    • fill up half way... Makes you get gas more often.
  • Join you Chamber of Commerce. I have five in my site.
    • Get on the ribbon cutting committees and meet entrepreneurs.

I am leaving it there..... Bottom line is dont worry about others only worry about if you're giving it your all or blaming the phantom competitor for your failures.