Posted almost 10 years ago

Deals Deals Deals!

As I stand back and look at the real estate business we are creating, I realize there are many different parts to focus on. It is easy to get sidetracked or lost focusing on the wrong part and end up frustrated because your business is not growing. If you are analytical like me, you want every little aspect to be just right. So it is easy to get caught spending hours on the non vital functions.

For any business to find success it all revolves around selling. Without revenue coming in, there is no business at all. When looking at the big picture of growing a successful real estate business the single most important thing is closing deals. Without a deal you will never get started as a real estate entrepreneur. When breaking down my top three vital priorities to grow the business and find success it all revolves around the all mighty deal.

My number one priority is negotiating the deals that come across your table. Regardless of how you find your deals, if you comb Craigslist, the MLS, or use a direct mail campaign, the ability to listen to the seller, analyze the deal and negotiate a win/win situation are highly important. If successful, you will have a great deal with plenty of room to profit and the seller will be relieved of the problem they were burdened with. When you run the numbers, analyze all aspects and outcomes and realize you have a deal on your hands, you have to go the extra mile and find out what problems need to be solved to get the deal under contract at a price that benefits everyone. The best part about negotiating is the more you do it, the more confident and better you will become.

The next vital priority is to have more deals coming down the pipeline. Marketing for deals is very important. This makes your job of negotiating that much easier. The more deals you have in front of you, the more practice you will get at asking the right questions to help solve the problems. It is also good to diversify your marketing strategy and have deals coming from different sources such as direct mail, a website, or MLS. The more deals you have in your pipeline, the more opportunities you have to profit and grow.

My third vital priority is to follow through with the deal you have under contract. This requires marketing for buyers if its a wholesale deal or flip, marketing for tenants if you plan to keep it as a rental, or market for contractors if you plan to rehab and flip or rehab and rent it. Many people get lost trying to find a buyer before they ever find a seller but I will tell you from experience, once you get a good deal under contract, buyers will come out of the wood work to buy it. Marketing for buyers is the easy part if you negotiated the deal properly which allows for room to profit.

I believe most people getting started get lost in all the information and never know where to start. Analysis Paralysis!!!! It is easy to get frustrated by focusing on the wrong priorities. Networking is important, finding buyers is important, but without the deals there is no business.

All three of my vital priorities provide rewards. The feeling of successfully negotiating a deal, the phone ringing off the hook with properties you want to buy, and accepting an offer from a buyer for your property are all experiences that make the ride worth while. Every time I find success in my three vital priorities I feel my adrenaline rush and it keeps me hungry for more!

Lets get out there and close some deals!!!!!!!!!!!!!

Comments (5)

Very well written and enlightening! I enjoy how you said a win win, as it is people first and then profits in real estate that is my beliefs! As far as flipping and wholesaling it gives me confidence when you said that buyers will come, as that was one of my concerns after finding the sellers. I like the idea of not worrying about getting buyers first, rather getting contracts and having faith if you did your job correctly that buyers will follow suit.
Great post!

Luke Teson, over 9 years ago
Distractions and lack of focus equal no money. I agree.

Ericka Parrott, over 9 years ago
Perfect timing with this one Ryan! I too have been having that same problem and was trying to narrow it down to the top 2-3 things to focus on. Thanks for sharing! Arica
Arica Savannah, almost 10 years ago
Alisa! Thanks! Without deals we have nothing!

Ryan Billingsley, almost 10 years ago
Ryan, You are so right about getting lost in all the information and analysis paralysis! I was guilty of that before I realized that I’m like a squirrel in a wheel not getting anywhere. Then I created a list of things I needed to start with and a plan how I’m going to get those things done or acquired. In just a few months I accomplished more than in a year before. Every week I had a “List of 10” most important steps I needed to take and I allowed myself to reach out and seek help if I was not understanding something or could not get done/figure out myself. I was honest with my peers and tried to give something back that they could use, too, so it was not a one way street. Even though I used to hold real estate licenses in two states, bought multiple properties, held a note and did an extensive rehab out of state, I was learning and still am learning a new business so allowing small set-backs was a part of the process. However, based on my prior experience and form day one in this new adventure I knew that marketing is the blood line of the business. Even if you have the best product, how will people know about it if you don’t tell them? Also, sometimes they don’t realize how much things cost or have unrealistic expectations, so I knew I needed to hone my negotiating skills and learn as many possible scenarios and clear understandable answers to their objections so I could help them see the real picture and solve their problem. Just like you I knew that I needed a buyer’s list so I went back to my “List of 10” and created a spreadsheet of hard money lenders, cash buyers off of the county records, people at the auctions, Craigslist, landlords in the counties of interest, Realtors, various trades related to real estate and investors in the area so I can contact them and find out who the buyers are in the area. I called and still continue to call to perfect my list. I hear some negativity, but most of the time people are open and sharing and I continue to learn a lot and add to the buyer list. Your article reminds me of the foundation and basics of this business and I’m glad you wrote it. Once again you inspired me to find the time to read an extra post to better myself in marketing and negotiation, to make sure my letters go out and to make a few extra calls to get new contacts and the buyers! Yes, let’s go and close some deals!
Alisa O., almost 10 years ago