Procrastination
2 months ago I sent out another batch of letters to empty houses. I recieved phone calls but the best call came from a landlord. He had a troubled tenant whom he was trying to evict. The guy completely had the landlord ready to give up on real estate. He was drained. He was very motivated and was open to the option of a subject 2. He also had other houses he wanted to sell.
I made a huge mistake. I assumed the landlord would still want to sell at a later time. I was working on a rental and I wanted to get the house rented first. Got the house rented, called the guy and surprise, he doesn't want to sell anymore. The headache of a tenant is gone and the landlord's problem is solved. I missed the oppertunity to solve the landlord's problem and obtain a house in the process.
Long story short, don't send out letters until you are ready to close a deal and don't procrastinate because the deal might not be there when you are ready. I learned an expensive lesson.
Comments (8)
K. Marie, that is a good idea. I will follow up with him in the next batch of direct mail. He seemed very motivated in the past.
Shanequa J., over 12 years ago
Shanequa: don't let this one get to you too much. If you had posted that the seller had sold to someone else, then it's you snooze, you lose. But he didn't sell and you really don't know if he would have sold or backed out after his tenant shaped up. I get a lot of calls from landlords and owners in a frustrated moment. Most of them don't follow through on selling. I've learned to deal with most situations with sellers without hurrying. Keep the seller on a follow up list.......and keep following up.
Account Closed, over 12 years ago
Jerry, marketing is a task that I have to learn to balance better. My problem is now I am ready, but I stopped sending out letters because I was getting too many calls and relunctant to close.
Shanequa J., over 12 years ago
Here's a great article that talks about how best to pace yourself that you guys might find handy: <a href="http://www.biggerpockets.com/renewsblog/2012/05/18/real-estate-investing-pace-success/">“Jogging” into Real Estate: Setting the Pace for Your Investing Success</a>
Joshua Dorkin, over 12 years ago
I don't know how many deals I've let slide because my marketing overtakes my ability to handle each call. That's one of the problems with being a one person operation. On the one hand, the pipeline needs to stay full, (which means send your letters, ready or not), and on the other you need the time to work the leads coming in. I've learned the hard way how to keep a steady hand on the throttle.
Jerry Puckett, over 12 years ago
Yes Josh I will use this missed deal as motivation; hopefully something better will come along. Jermon, thanks I will keep fighting and looking for the next oppertunity.
Shanequa J., over 12 years ago
I feel your pain Shanequa. You live and learn keep. Fighting the good fight!!
Jermon Clayborn, over 12 years ago
Shanequa J. - Thanks for sharing your story. This is the perfect example of making sure you're prepared to move when opportunity arises. You'll find plenty of other deals . . . but I'm sure this one will bug you for a little bit. Use that energy to motivate you for the next one!
Joshua Dorkin, over 12 years ago