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Optimize your lead flow and skyrocket your business growth. Learn effective strategies to generate a consistent stream of high-quality leads.

How to Evaluate Real Estate KPIs

Posted on by Sharad Mehta

Real estate investing is a numbers game. 

You need to kiss 500 frogs to find five princes (or, you know, deals). By tweaking the ponds where you find those frogs, maybe the number drops to 400. Maybe blue frogs work out better than yellow frogs. The metaphor is falling apart, but you get the point. 

That begs the question though: which metrics matter most to real estate investors?

Start tracking the following real estate KPIs (key performance indicators) to get a better pulse on your investing business. You can use a real estate CRM like REsimpli to track these numbers automatically, so you can check them any time.

New Leads

Real estate deals start as leads. If your leads stop coming in, you stop closing deals. 

When you first log into REsimpli, you’ll see your New Leads listed front and center on the dashboard. You can track their volume over time, to keep an eye on their flow and consistency. 

Abandoned Leads

You can stay in touch with leads through an automated drip campaign, or manually contact them on a regular rotation through scheduled tasks. 

But what happens if a lead isn’t hearing from you through either scheduled tasks or automated drip campaigns?

They aren’t hearing from you at all, and they become abandoned leads. They subsequently lose all value to you. 

REsimpli automatically tracks these abandoned leads for you, so you can quickly identify them and get them back on a drip campaign or assign a task of contacting them. You paid good money in your marketing campaigns to collect these leads — don’t let them go to waste. 

Seller Appointments

Likewise, you need to track how many seller appointments you’re making. And how many appointments successfully result in you or your team member seeing the property. 

Appointments help move your leads further down the funnel toward closed deals. REsimpli lets you filter these by time period, and track appointments for each of your team members. 

Completed Deals

How many deals are you actually closing each month? 

This metric starts getting to the heart of your results. The more deals you close, the more money you can earn in a given month.

Revenue

Speaking of which, what was your gross revenue last month? Last year? 

Without revenue, you don’t have a business. You have an expensive hobby. 

Net Income (Profit)

The ultimate goal isn’t actually revenue — it’s profit. After all, your business could earn $100,000 per month, but if you spend $101,000, you’ve lost money. 

You can track your completed deals, gross revenue, and net profit on the KPI Analytics page in your REsimpli dashboard.

Leads Per Channel

Not all marketing channels are created equal. You may have raked in 20 leads from one channel and 100 from another, even if you spent the same amount of money on each. 

REsimpli helps you track the source of all leads, through dedicated landing URLs, email addresses, and tracking phone numbers. 

Cost Per Lead

How much do you pay for each lead on average? 

At the top of your marketing funnel sit your leads, and they cost you money. 

Cost Per Deal

Meanwhile, the bottom of your funnel is your closed deals. 

How much does each deal cost you on average?

Marketing ROI Per Channel

For every dollar you spend on leads from each marketing channel, how many dollars do you earn?

You may discover that you earn $3 for every $1 you spend on marketing to probate leads, but earn $10 for every $1 you spend on preforeclosure leads. By accurately tracking the return on investment (ROI) for each marketing channel, you know where to double down versus where to scale back. 

As a general rule, the longer you run a marketing campaign, the better you can optimize it. Aim to focus on marketing channels that you think you can keep running for longer periods of time. 

Success Rates at Each Phase of the Funnel

Leads come in at the top of your funnel. To move them toward your ultimate goal of closing a deal, you first need to meet the owner for an appointment at the property. 

The next step in the funnel is to make an offer — for the properties that warrant it, that is. 

And at the bottom end of your funnel, you need to close on the deal by buying the property. 

So how do your conversion rates look at each step down the funnel?

  • Leads/Appointment: The percentage of leads that result in an appointment.
  • Appointments/Offer: The percentage of appointments that result in an offer.
  • Offers/Deal: The percentage of offers that result in a closed deal. 

Then step back and look at the funnel as a whole. What percentage of leads can you close as deals? What percentage of appointments?

Ultimately, you want to put each of these conversation rates under the microscope and look for ways you can improve them. By closing more deals for every 100 leads, you reduce your cost per deal, and become a leaner, more efficient, more profitable real estate business. 

The Big Picture

Your numbers tell a story about your real estate investing business. The better you are at reading these numbers, the better you’ll diagnose both problem areas and opportunities in your business. 

Use a real estate CRM to track your real estate KPIs automatically, so you can review them at a glance. As time goes by, you’ll get better at reading their story — and using that information to grow your profits. 

Scaling Your Real Estate Business: Insights from the REsimpli Mastermind with Ian Horowitz and Sharad Mehta

Posted on by Sharad Mehta

Sharad Mehta welcomes former firefighter turned real estate investor Ian Horowitz for this REsimpli Mastermind episode. Ian recounts his story of managing a $70 million portfolio of self-storage and varied real estate from purchasing a $25,000 house in 2012.

Starting with single-family houses, Ian stresses the need to learn basic skills before entering the commercial real estate market. Fortune favours not only the brave but also those who work hard and arrive ready. Based on experience, he counsels readers on their own degree of preparedness as well as on little gestures.

Emphasizing openness and clear expectations for equity investors, the conversation also examines the variations between debt and equity investments.  The useful ability to observe little details and keenly notice changes can go a long way in this business. Clarity is power, because it helps save time by avoiding miscommunications and conflicts.

The discussion also covers how political circumstances and municipal rules affect property investments; as self-storage facilities provide greater operational freedom than residential buildings. Ian considers his 12-year route and wonders whether early engagement with commercial banking and real estate might have hastened his development.

The program ends with an offer to network with colleagues from the real estate sector, therefore underlining the need for cooperation in this sector.

For real estate investors striving to grow their company and change their strategy, this episode offers a lot of smart advise. Discover the complete podcast to learn and interact with the most recent breakthroughs in real estate management with fresh ideas from REsimpli!

Ready for expansion of your company on real estate? Acquire these techniques and begin immediately to change your business!

Key Takeaways:

  1. Start of Something Great:

    Ian describes a tough time with overtime and company closures, prompting him to seek financial security through real estate. His first purchase was a $25,000 house, with $25,000 to $35,000 in improvements. It generated $1,250 in Section 8 rent and $600 monthly cash flow. This success hooked him, and now he owns and operates nearly $70 million in real estate nationwide.(00:03:57)
  2. Big Deals, Less Efforts:

    Ian explains that he prefers fewer but, larger deals now. Previously, he did 30 to 40 deals a year, flipping or adding houses to his rental portfolio. This year, doing five deals would be significant. He mentions closing a million-dollar deal quickly and working on a $13 million deal projected to be worth $20 million. This approach allows for a more methodical and less rushed process.(00:06:10)
  3. Do What Makes You Happy:

    He acknowledges that many people get discouraged because they’re not yet where they want to be in their real estate journey. He advises focusing on the present and making the best of current opportunities, aiming to reach desired goals in a few years. Ian highlights that different people have different aspirations; some may start with one flip a year and scale up, while others might aim for commercial deals. The key is to pursue what makes you happy. (00:11:54)
  4. Success Factor:

    Ian reflects on the fear and risk involved when first entering real estate, emphasizing that growth requires taking risks and getting uncomfortable. He notes that people often get too comfortable, but advancing from single-family to commercial real estate required him to rebuild the underwriting process and learn to communicate with banks. He highlights that success in real estate isn’t about the properties themselves but the willingness to push beyond comfort zones to achieve the next level. (00:20:18)
  5. What It’s Like Being An Equity Investor:

    Ian discusses the importance of setting transparent expectations when raising capital. Using the movie “The Big Short” as an analogy, he illustrates how equity investors are in it for the long haul, experiencing ups and downs. He emphasizes that success relies on the ability to navigate challenges, making sure they understand it will be a wild, bumpy ride, but they are along for the journey. (00:23:31)
  6. Difference In Transaction Cost:

    Ian explains the differences in eviction timelines across various states. In Mississippi, Louisiana, and Texas, he can evict tenants within 30 days if rent is unpaid. However, in Arkansas, the process takes 75 days, which he finds lengthy. He contrasts this with even longer timelines in states like Illinois and California, highlighting the varying challenges landlords face depending on the state. (00:31:28)
  7. Eviction Timelines: Comparing States:

    Ian advises identifying states that are easier to operate in based on property taxes, transfer and recordation taxes, and whether they are pro-tenant or pro-landlord. He highlights Louisiana as an example, describing it as a blue state with favorable tenant laws. He shares an experience where, after filing an eviction on a Thursday for a special needs tenant, he had a court date the following Wednesday and the sheriff was involved by Friday, completing the process in just eight days.(00:15:43)
  8. Lead Communication Order:

    Ian explains that commercial real estate offers more opportunities to create and scale a true company. He notes that unlike some investments, you don’t always see the inner workings or need to broadcast every deal.(00:43:00)
  9. Investment Sizes and Accreditation Requirements:

    Their average investment size is around $50,000, but they accept amounts as small as $10,000 and as large as investors wish to contribute. For non-accredited investors, a pre-existing relationship must be established before proceeding, highlighting the need for ongoing interactions rather than a one-time meeting. (00:44:20)
  10. No Hesitation:

    Previously, he lacked the maturity to enter commercial real estate sooner, regretting his eight-year delay. Fear of financing held him back despite opportunities. He now wishes he had trusted their capabilities earlier but remains optimistic about making up for lost time. The host commends Ian for his openness and approachability in sharing his business experiences. (00:19:24)

The Art of Cold Calling: How Ty Franklin Closed 78 Deals Over the Phone

Posted on by Sharad Mehta

REsimpli CEO and founder Sharad Mehta hosted real estate investor Ty Franklin in the REsimpli Mastermind. Ty is doing rather well approaching complete strangers.

If Ty wants outstanding leads converted into sales, he first contacts a reputed virtual assistant. Ty moves fast from wholesale to full-time real estate investor. His artificial intelligence analyzes 17,000 phones calls daily for possible buyers with property criteria. His method greatly facilitates lead development and certification procedure. His concentration on property prices and market movements sharpens knowledge and preparedness.  Ty looks at consistency, follow-up, and leadership.

Ty additionally includes virtual assistant management training, targets, and standards. Many times, potential real estate buyers seek him advice on rapid cold contacting using technology. He chooses nice properties to boost sales for certain vendors. Depending on Ty’s example quality over quantity rule, every cold call should have suitable objectives, training, tool and website automation of tasks based on Ty’s example, thereby improving virtual worker productivity.

While cold calling is challenging, Ty’s success points to possibilities based on carefully considered ideas. Including his concepts into your real estate company can assist to raise closure rates and investment returns.

With this extended interview or transcript, one may better grasp Ty and his style.

Key Takeaways:

1. Cold Calling Insights:

Sharad, founder of a property management and investment company, learns about Ty’s successful cold calling strategies, which have led to over 78 closed deals. Ty emphasizes the importance of investing in cold calling software and acquiring more data to enhance the process. (00:02:47)

2. Success in Cold Calling:

Ty’s core caller in the Philippines earns $7 per hour plus $300 per closed deal. Ty plans to train her for more tasks while he handles follow-ups. Ty also shared his data retrieval process, getting information directly from the city or county. (00:06:07)

3. Managing Cold Callers and Lead Startegies:

Ty focuses on qualified leads and contacts, not call volume. He holds bi-weekly meetings with his cold caller, to review scripts and leads. Qualified leads are sent via Discord, and Ty contacts them within 1 minute, ensuring efficiency. (00:12:34)

4. Lead Qualification Tips:

Ty and Sharad agreed that serious leads often respond if the price is 10% below the Zillow estimate. Ty offers more for properties in disrepair to lower prices. Sharad suggested new callers work 2-3 hours daily, noting that Saturday calls can be valuable. (00:19:55)

5. Lead Follow-Up Strategies:

Ty pulls and prioritizes pre-foreclosure and probate lists daily, updating other lists quarterly. He follows up immediately on leads and plans to add SMS marketing. Ty’s strategy includes recycling data and multiple calls per lead, with numbers sourced from a skip tracing service. (00:29:33)

6. Lead Generation Tactics:

Ty maintains strict qualifications for serious leads and tailors campaigns by list. He recycles unresponsive leads and uses aggressive follow-up calls and texts. Sharad and Ty discussed voicemail usage and setting rules for follow-up calls. (00:35:47)

7. Investing, VAs, Rehab:

Sharad and Ty discussed best practices for estimating rehab costs and managing VAs. Ty emphasized investing in software, regular VA communication, and a strong mindset for cold call rejections. Sharad agreed, suggesting hiring a VA after a few deals instead of spending earnings. They concluded by discussing Ty’s dialer tool. (00:44:29)

8. Effective Cold Calling Strategies and Systems:

Ty provided tips on cold calling, emphasizing using multiple numbers, limiting daily calls, and adding fresh data. He highlighted understanding tools, training VAs to handle objections, and implementing an IVR system. Sharad encouraged consistency and the importance of systems and processes. Ty also shared he hasn’t been sued for cold calling. (00:52:14)

9. Marketing:

Ty often requests property pictures from sellers but prefers visiting in person. He advised new investors to target absentee owners with two or fewer properties, at least 60% equity, and 7+ years of ownership. (00:25:04)

10. Monitoring and Motivation:

Ty Franklin ensures his VA stays productive and motivated by holding bi-weekly meetings to review call performance, critique scripts, and identify missed opportunities. By monitoring key performance indicators, such as daily contact rates, he maintains efficiency and addresses issues like time theft, ultimately enhancing the effectiveness of their cold calling efforts. (00:13:07)

Lead Flow for Real Estate Investors

Posted on by Sharad Mehta

Lead Flow for Real Estate Investors

Team members are an invaluable asset in real estate. With each member playing a specific role, the goal of closing more deals becomes easily attainable. More so, with the effective use of lead flow.

The lead flow process is about converting newly created leads to appointments. And the goal of these appointments is to get the property on a contract. It is attained with the expert skills of a lead manager and an acquisition manager. 

Here’s a straightforward walk-through of the lead flow process starting with the lead coming in through the final step of scheduling an appointment.

Breaking Down the Lead Flow Process

The steps in the lead flow process are clear and precise. And can be completed using REsimpli. Listed below are the steps involved.

  1. Incoming lead
  2. Call Porter
  3. Completion of REsimpli’s Webform
  4. Call with Lead Manager
  5. Appointment with Acquisition Manager

Continue reading for a brief description of each role and how to optimize the real estate lead flow process.

Incoming Lead

The lead flow process starts with marketing! And thanks to your (your team’s) marketing efforts there are incoming leads.

Regardless of the marketing route, Cold Calling, Pay-Per-Click, Direct Mail, and SMS, every lead goes through Call Porter.

SMS leads that desire to be removed from the listing will have the option to do so by leaving a voicemail message. These leads are the only ones that do not go through Call Porter.

Call Porter

REsimpli uses Call Porter, an answering service built exclusively for real estate investors.

Call Porter will answer the call from your incoming leads and ask the seller a series of “motivation” questions.

The motivation questions asked by Call Porter include:

  • Why are you looking to sell the house?
  • How soon are you looking to sell (30 days vs a year)?
  • Is the house vacant or occupied?
  • How much is the mortgage on the house?
  • What repairs does the house need?
  • Do you have a price that you are looking to sell the house for?

All information collected gets input into REsimpli’s web form. The form is submitted and creates a lead. Any additional information provided by the seller is entered on the form as notes.

Webform

While listed as an additional step, the web form process is actually completed by Call Porter. The information on the web form includes:

  • Name
  • Phone number
  • Email address
  • Lead source
  • When the lead was created
  • Property address
  • Motivation questions
Webform warm-lead-flow

Lead Flow Manager

The lead manager step entails reviewing the lead and calling the lead to schedule an appointment.

It is important to mention that all calls with Call Porter are recorded. This recording is reviewed by the lead manager to gain perspective on the seller. Because understanding the tone can help determine if an urgency to sell is present.

The main goal of the lead manager is to schedule an appointment between the seller and the acquisition manager. 

Appointment with Acquisition Manager

The lead flow process culminates with the appointment scheduled by the lead manager for the acquisition manager and the seller.

The goal for the acquisition manager is to successfully make an offer to get the property on a contract.

What makes this whole process successful is the thorough gathering and reporting of information with the use of REsimpli, the webform, the answering service, and the lead manager!

Interested in learning how REsimpli can help you do all this and more? Request a demo and get a free 14-day trial!

Real Estate Business Lead Flow from Start to Finish

Posted on by Sharad Mehta

Real Estate Business Lead Flow from Start to Finish

Learn how to use Sharad Mehta’s tried-and-true lead flow for maximizing your conversions and re-generating leads in your real estate business. In this video, he explains his method using his real estate software, REsimpli.

At the outset, he lists his marketing venues. In this case, PPC and SEO have their own inbound bucket, and Direct Mail, SMS, and Cold Calling have their own outbound bucket.

detailed flow chart about lead flow

From there, these leads are categorized as “contacted” or “uncontacted”. Outbound marketing efforts can fall into either of the two, whereas PPC/SEO always fall under the “uncontacted” category, as they are incoming and online only.

lead generation information

These show up in similar categories in the REsimpli platform itself, making it easier to conceptualize the different stages of the lead generation process. The leads are then qualified, either by yourself, a team member, or your lead manager. These leads are either unqualified or qualified depending on criteria you can filter and set internally and on REsimpli.

If the lead is officially Qualified, REsimpli allows you to quickly and easily schedule an appointment using the online scheduler function. This is marked on your flow as Appointment Set.

If the lead is officially Unqualified, there’s two options: mark it as Unqualified then consider it a Dead Lead, or mark it as an Agent Referral. This can be tagged directly in REsimpli as a Warm Lead, thereby sending it to the agent and creating a task for your team to follow up. If the lead is marked as a Dead Lead, it is removed from the flow entirely.

When a lead is marked as Appointment Set, there are two possible options: the appointment is fulfilled or the appointment is not fulfilled. If the appointment is not fulfilled, REsimpli makes it simple and quick to set the lead up with a Drip Campaign specifically tailored for No Shows.

resimpli software interface with popup window for auto follow-ups

You can set up various automatic drip campaigns, including “missed call,” “no show,” and others. From there, you can further categorize the lead so far as scheduling tasks for your team to follow up, etc.

If the appointment is fulfilled, and the prospect is still deemed acceptable, you can then mark the lead in the Under Contract category which will allow you to fill out several criteria, including closing price, negotiation terms, and date.

resimpli software interface with window popup for lead status under contract

If the deal is still under negotiation, you can easily mark the lead as Offer Made which will then allow you to fill out similar criteria, such as amount of offer, date of offer, and set automatic tasks like follow up and reminders.

resimpli software interface with window popup for lead status offers made

If it’s a wholesale deal, the lead would be sent to your cash buyer and moved to Assigned to Buyer. Provided the criteria are set and met, the deal follows through as Sold. If the contract is sent to renegotiation, the sale flow restarts again either as Offer Made, Under Contract, or Dead Lead.

The best part about this deal flow is it’s manageable with or without a real estate software. Sharad, as an active real estate investor, formatted REsimpli’s sorting features after his own workflow with others’ real estate business in mind. Watch more in the video below:

Interested in seeing how else REsimpli can work for you? Request a demo and get a 14-day free trial.