Cool Real Estate: Wholesaling, Land Deals, and more #54 - Adding buyers, difficult sellers, +tools
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- Опубликовано: 5 фев 2025
- This podcast episode features Mark and Jasper Cool discussing their business activities, personal development interests, and tech updates. The discussion covers their real estate wholesale business, including key performance indicators (KPIs), challenges faced during transactions, and tools and systems they use. They also delve into personal interests and inspirations, including social media strategy, philosophy, and fitness.
Key Themes & Ideas:
Inspiration from Thought Leaders:
Naval Ravikant: Mark revisits Naval's podcast and "Navalmanac," focusing on wealth building, mindset, social media's leveling effect, and philosophical insights.
Real Estate Business Operations & Challenges:
Buyer List: Mark emphasized the importance of growing a buyer list. "the more you build your buyer list, the easier sales become."
Closing Difficult Deals: Mark shares the complex and frustrating details of closing on a particularly difficult deal involving a hoarder seller, a problematic buyer, and logistical issues with moving and storage.
Buyer Selection: Mark stresses the importance of choosing reliable and professional buyers. He prefers buyers who are straightforward and professional, rather than those who try to negotiate aggressively or make demands: "Choose your buyers well. ...don't go with people who are difficult and and don't feel like you have to deal with buyers who are difficult."
Hoarder Situations: They realize the need for a standard operating procedure (SOP) for handling hoarder situations. Mark emphasizes the need to take photos of items before agreeing to move them: "if you're the acquisitions person, make sure you get photos of what we're agreeing to move before you agree to move it."
Dealing with Problematic Clients: Jasper discusses a situation with sellers, where family issues are impeding a sale. Mark also shared having challenges with sellers regarding their personal information, like their social security number, as well as family members who have differing goals for property.
Tech Tools & Dialers
Cost Comparison of Dialer Tools: They discuss price differences among the dialer options. Mark mentioned that "Smartphone" was $180 for two users at $5 a number, while "Call Tools" is at $4 per number.
Memorandum: Both share an understanding of using memorandums when they are under contract but the sellers appear to be planning on selling to another buyer. They discuss how attorneys handle this, either disregarding them or reaching out to resolve.
Sales & Negotiation Strategies:
Upping Offers: Jasper shares that an employee successfully increased a buyer offer from $100k to $106.5k. He was excited that his employee took initiative to increase this deal.
Problem Solving Tools
Require Title Services: Jasper highlights a title services company, "Require," that helped him resolve a long-standing deed of trust issue in 30 business days. He plans to use them anytime he runs into a similar problem: "I'm not gonna spend any time on it myself, because it's well worth it ... anytime I run into a deed of trust, or something similar to that where you just can't find paperwork, they don't work with the States."
Profitability & Value
Moving Allowances: They use a $500 moving allowance as a solution for sellers.
Purpose of Wealth: Mark quotes Naval Ravikant: "the purpose of wealth is freedom," highlighting that freedom is defined differently by different individuals.
Other Insights:
Jasper was using a free online scaling course from Alex Hormozi and was implementing some of what he learned.
Key Quotes:
"the more you build your buyer list, the easier sales become." - Mark Cool on growing a buyer list.
"Choose your buyers well. ...don't go with people who are difficult and and don't feel like you have to deal with buyers who are difficult." - Mark Cool on buyer selection.
"if you're the acquisitions person, make sure you get photos of what we're agreeing to move before you agree to move it." - Mark Cool on hoarder situations.
"I bought 100 caller Ids ... and they put that in what's called a pool. And what they do is they just cycle this for you automatically." - Jasper Cool on dialer caller IDs.
"the purpose of wealth is freedom." - Mark Cool quoting Naval Ravikant.
Actionable Insights:
Moving Allowances: Use a moving allowance to set expectations with sellers.
Memorandum: Understand the pros and cons of filing a memorandum of interest and when it makes the most sense to use it.
would love a video going over KPIs you track per team member for example - leads per day expected from texter, cold caller, etc. Then, how many of those leads do you send offers on, how offers does it take per contract, ETC. Thanks!
Great question! For me with SMS we send out 8500 outbound texts per day, not including replies.
I don’t have a leads per day goal for my texters but we get on 10-15 leads daily most days. Monday- Saturday
We offer on every single lead who answers the phone unless they tell us they’re not interested. Then we follow up until they are ready.
Offers per contract this year for sms is at 34 leads per contract. But the year is still young.
Last year was 50 leads per contract from text.
I don’t cold call anymore but last year we got 8-10 cold call leads per day and converted at 73 leads per contract.
Hope that helps!
Leave any more questions or stuff you want us to cover
Great question, as Jasper said. We are working on transitioning to quality metrics vs quantity metrics- better definitions of lead, offer, contract. My view is that anyone can get a lead or a contract, and that you can offer anyone anything if you're just trying to fill quotas. What you focus on you get more of, so we're focusing on quality. That said, our SMS guy sends about 1500-2000 sms/ day and we get about 30-35 sms leads a week on average. We're working on guidelines for acquisitions follow ups, which i can share in the epidode we'll record today and drop tomorrow. We're also phasing out cold calling in favor of other channels, which we've discussed on recent episodes. When we had cold calling services, we were getting 20-25 leads per week, per caller on roughly 500 dials per day, so 4-5 leads per day.
@ thank you!
@ TY!
memorandums i havent done one of those in a while. getting them notarized is a PITA
I go to my local bank and get them notarized for free. Jasper and I both use Simplifile to file them. Easy.
They rarely work though… 😅
I'm lucky to have an "in house" notary now. So it makes them super easy for me now but yea it's a 50/50 shot of the memo actually working LOL!
Excellent episode where did you find that collar to find buyers for you? Is he American and how much do you pay him?
Thanks John! In my business , my dispo specialist has it as part of his duties to add buyers daily. He is Filipino, a referral from another of my Filipino team members. If you were hiring someone solely to add buyers you could probably get someone off online jobs ph for $3-4 per hour US.