Creating a System

[Cordelius Walker]

I want to build a system that I'll be able to keep track with my mailings, responses, follow ups, etc...

Does anyone have any suggestions for me?

Thanks and all suggestions will be appreciated,

[Eric H.]

@Cordelius Walker systems are extremely important in determining the success of your business. Check out the E-Myth by Gerber or 4 hour work week by Ferris for more information on systems. There are several CRM (Customer Relationship Management) softwares to choose from. There are pros and cons to each as well as a learning curve to each. And they will vary in price depending on the features/properties you choose. A quick google search will reveal dozens.

I use Microsoft word, excel, and google calendar. I use microsoft word to capture all of lead's information. I have a document saved as "prospecting template". In it contains all of the questions I ask sellers to gain vital information on the property and the person. I use excel for running my numbers against property. I have a 'flip vs. buy hold' spreadsheet where I can analyze both possible rental profits and flip profits at a glance. There is also a formula in there to calculate my Maximum allowable offer based on those numbers and my desired profit as a wholesaler and/or a flipper. It calculates quite a few measures actually (Payback period, coc return, debt coverage ratio). I save all of this information under the prospect's file. Lastly I use google calendar for follow up. My first follow up comes within 7-10 days in the form of a handwritten note with a tear off calendar. Later I follow up every month with a call and of course that prospect stays on my regular mailing list.

I know this is not as automated as some of the CRM systems and I can not access my 'database' via the web. I have to have my laptop present or my flash drive with access to a computer. It took me several months to get this system in place. In the beginning it was taking me 60-90 minutes to analyze a property and input all of the information into my system. Now it takes 30 minutes tops.

Ultimately, you do need some sort of system in place. My recommendation is choose one and start using it immediately. Eventually I will convert to a CRM but right now my operation is pretty small and the office suite does the trick.

I wish you the best!

Sincerely,

Eric H.