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Developing a Brain for Real Estate Success

Posted on by Sharad Mehta

In the realm of real estate, sometimes attitude defines success more than does the condition of the market. Expert real estate consultant and personal development coach Patrick Precourt points out the mental hurdles and behaviors that could either hinder or drive investors.

Many real estate problems begin with fear, usually resulting from uncertainty regarding outcomes. Fearful investors may get frozen and incapable of acting as required. Furthermore, one’s perspective is quite important; if an investor does not really feel they can reach it, their actions and choices would show uncertainty, therefore restricting their possibilities.

A great success depends primarily on consistency. It’s about consistently doing daily chores that are really vital in real estate, not about one-time spectacular success. Building confidence by action is the concept; small, reasonable objectives and their accomplishment generate momentum that could lead to more significant achievements.

Also very important is knowing the fundamental concept of objectives. It is about emotionally connecting with financial independence or more time, not just with aspirations for such things. This emotional link might be the gasoline required to go over obstacles and remain dedicated even when motivation runs low. A positive attitude relies on your honesty about the sacrifices you are ready to make and in your integrity to meet obligations.

Patrick also offers logical mental techniques for conquering challenges. Psychologically, for example, being ready and seeing challenging situations might help one to face them in real life much more easily. It’s about teaching the mind to regulate possible errors before they materialize, therefore lowering anxiety and increasing confidence.

Watch on YouTube:

Key Takeaways:

  1. Rewiring Mindset:

    With over two decades of experience, Patrick dove into the power of mindset for success with electrifying insights! He revealed how fear and limiting belief systems can be the ultimate roadblocks to achieving goals. With his experience in health and fitness, Patrick showed how people often limit their own potential simply by doubting their abilities. The key to breakthrough? New evidence and real experiences to shake up those old beliefs! When Sharad asked how to rewire these beliefs, Patrick shared that while affirmations, reading, and masterminds help, they may not be enough for a true mindset shift in adults. (00:01:00)
  2. Building Belief Step by Step:

    Patrick emphasized the power of belief in achieving goals, sharing Joe’s story of weight loss and running a 5K. He explained that success comes from changing beliefs first, not just focusing on diet or exercise. By breaking goals into smaller, manageable steps, each victory builds confidence and momentum. This step-by-step approach helps rebuild self-trust and solidifies belief in reaching the goal. (00:06:32)
  3. Master The Mundane:

    The discussion highlighted how success stems from focusing on the process rather than fixating on the outcome. Belief in achieving goals grows when small changes become evident, leading to a mindset shift. Successful real estate investors and fitness enthusiasts achieve results by consistently executing daily tasks, like marketing or working out, without obsessing over the end goal. By concentrating on what they can control, the desired results naturally follow. (00:10:00)
  4. Mastery Through Consistency:

    Success comes from being patient with results but relentless in the process. By consistently performing simple, mundane tasks—like daily calls and follow-ups—investors and professionals gain an edge. Mastery, in real estate or martial arts, is achieved through repetition of the basics over time. (00:14:30)
  5. Daily Wins for Long-Term Success:

    The focus was on the importance of daily behaviors over fixating on the end goal. Success is seen as steady, forward progress, with small daily wins increasing the likelihood of future achievements. Tracking habits, like reading and listening to books, helps maintain consistency and leads to long-term success. (00:18:58)
  6. Start Small, Act Now:

    Setting clear, achievable goals and breaking them into manageable steps was emphasized. The focus was on aligning daily behaviors with these goals, starting small and gradually increasing efforts. Motivation should not be a prerequisite; action creates progress. (00:23:49)
  7. Know Your ‘Why’:

    The discussion centered on the challenges of real estate investing and the role of motivation. Understanding one’s ‘why’ and setting meaningful goals are key to success. Emotional energy and perseverance are crucial in overcoming obstacles and staying committed to the path. (00:29:25)
  8. Meaning Fuels Success:

    The conversation highlighted the power of meaning in driving success. Using the example of a father saving his daughter, Patrick illustrated how deep meaning fuels motivation and resilience in the face of challenges. Motivation, he noted, should be reserved for extraordinary moments, not relied on to get started. (00:33:05)
  9. Commitment and Sacrifice:

    The discussion emphasized the role of commitment and sacrifice in achieving goals. True commitment means following through, despite challenges, and making necessary sacrifices. If one isn’t willing to sacrifice, they may not genuinely want the goal, and it’s okay to acknowledge that. Self-awareness and resisting external influence are key. (00:36:48)
  10. Grow Through Failure:

    The discussion highlighted the importance of personal and professional growth through failure, with insights from Patrick’s upcoming book “Fail Forward.” They emphasized pushing beyond comfort zones to avoid stagnation and using mental strategies to overcome challenges. Both agreed that discipline and mental preparation are key to success. (00:42:48)

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. 

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)

Scaling to Success: Stratton Brown’s Entrepreneurial Journey

Posted on by Sharad Mehta

This time in REsimpli Mastermind, seasoned real estate investor Sharad Mehta, CEO and REsimpli Founder, hosted the inventor of many seven-figure companies, Stratton Brown. Currently attempting to expand his company from $0 to $1 million in net income in six months, Stratton is finding added difficulty. Stratton offered keen analysis of his approaches and experiences, therefore arming anybody wishing to run virtual teams or create their own businesses with useful information.

Stratton started his road into business after an NFL career and eventually found real estate wholesaling. Currently building a virtual assistance company, he expands it fast using virtual teams. Social media is displaying his six-month objective net income of $1 million as well as real-time strategy analysis.

Stratton underlined during the conference the need of performance monitoring and responsibility in managing virtual assistants (Vas). Hiring from aspiring talents from abroad can work wonders. Speaking on the need of strong communication, frequent check-ins, and key performance indicator (KPIs), he made sure virtual teams stay involved and active. The multicultural environment often bring diversity in ideas and a health sense of competitive inspiration. The conversation also centred on how remote teams should support the preservation of a strong corporate culture that guarantees people feel appreciated and involved.

Either read the transcript down below or listen to the whole episode!

Key Takeaways:

  1. 0 to 1 Million in Revenue Challenge:

    Stratton Brown is doing a challenge where he’s aiming to reach to net 1 million in revenue from 0 revenue within 6 months and he’s going to share his business strategies there. (00:01:20)
  2. Journey and Remote Team Management:

    Strat and Sharad discussed their company’s evolution and challenges. Their company pivoted from ‘call Magicians’ to ‘virtual help’ and is aiming to reach a million in revenue within six months. They also shared their experiences in managing remote teams, emphasizing the importance of clear roles and daily communication. (00:04:52)
  3. Building Positive Company Culture Across Locations:

    Strat and Sharad prioritize company culture for happy, loyal employees. They recommend a welcoming atmosphere, team events, and birthday recognition. Remote teams pose challenges, but regular communication, shared values, and occasional gatherings can bridge the gap. (00:13:29)
  4. Strategies for Hiring and Managing Talented Teams:

    Stratt’s on the hunt for top talent. He emphasizes finding quick learners who can solve problems (“firefighters”) and suggests skipping personality tests in favor of problem-solving interview questions. He also sets performance metrics: 300-500 calls per day for cold callers and quality over quantity for lead managers. (00:19:52)
  5. Improving Cold Call Strategies and Systems:

    Going from zero leads to four in a day with lots of voicemails. They brainstormed solutions for wrong numbers, hangups, and voicemails, considering a single line dialer for better connections. Sharad hinted at a future update with list stacking and click-to-dial. (00:25:14)
  6. Transitioning to One Million Dollars in Net Revenue:

    Sharad and Stratt tackled the million-dollar hurdle. Stratt’s plan involves setting goals and overcoming sales & hiring challenges. They’ll juggle multiple contracts and agreed on a commission-only model (10% + $20k bonus) and fair salaries for overseas teams. (00:30:28)
  7. Overcoming Challenges and Leveraging Financial Incentives:

    They talked about needing people who can solve problems and might use bonuses to motivate their team, especially overseas. This worked well for their government tax credit company with sales reps in the Philippines and Colombia. (00:38:24)
  8. Real Estate, Marketing, and Metrics Discussion:

    Stratt shared his real estate and marketing secrets. His winning formula combines cold calling with PPL, PPC, and inbound leads. They navigate regulations and explore direct mail, but recommend measuring results for success. (00:43:10)
  9. Business Strategies, Outsourcing, and Lead Generation:

    It focused on building a strong team through hiring and outsourcing. He recommended “Unique Ability 2.0” to identify strengths for outsourcing tasks. Lead generation and virtual assistants were discussed, clarifying their use in real estate marketing (separate from tax credits). Easy REI Closings, their transaction management service, was also mentioned. (00:50:17)
  10. Best CRM:

    Stratt Brown highly praised REsimpli as the best CRM product he has ever used, commending Sharad and his team’s ability to rapidly implement new updates. He expresses his love for the system, stating that even though they weren’t using it before the challenge, REsimpli surpasses other CRMs he has spent thousands of dollars on. (00:03:23)