Whether you know it or not, as an investor in the real estate industry, you are inclined to serve as a salesperson from time to time. Every real estate transaction is either obtained or lost through the process of a presentation. Regardless of whether or not you are dealing with distressed sellers or your own networking pipeline, the manner in which you present yourself can make all the difference. You need to walk the fine line between coming off scripted and sounding prepared. This usually takes practice and repetition, but it is a skill that is necessary if you want to be successful.
Every time you conduct any type of marketing or mailing, you should be ready to act when leads come in. This means writing a script of questions you want answered, the order you want to ask them in and the tone of which you will present it. Two people can say the exact same thing, but how you say it can make all the difference. If you are not comfortable with this and think you can just wing it when the phone rings, you will find that you will lose many deals.
The same concept can be applied to any aspect of your business. Most real estate deals are time sensitive and need to have an answer in a short amount of time. If you fumble around in your evaluation or don’t know what to look for, you will end up either missing out on the deal all together or end up taking a bad deal. You should have a checklist of items you look for on the property and neighborhood. The more prepared you are in this aspect, the quicker you can make your decisions and sharper you will become when looking at deals. This comes back to practicing your craft and being ready for when deals come your way.
Networking is an important part of any investor’s success. If you are not comfortable at investment club meetings or networking groups, think about what you are going to say before you go. There is nothing wrong with having a few things in the back of your mind for when there is a lull in the conversation. You never know what someone will be interested in. You don’t necessarily need to keep your conversation strictly to the real estate market and finance. Whatever the subject is, make sure you are well versed on it and know what you are talking about. If not, you will be exposed as a phony and it will be unlikely that who you are speaking with will want to work with you. Conversely, if you are prepared to speak and know what to say, you will come off more confident and knowledgeable. This alone will attract the interest of whoever you are speaking to.
The real estate business is much like any other, in that you need to always work on your craft and look at how you can get better. If you have downtime, practice on what you are going to say and how you are going to run your business. This may seem like a silly exercise, but it could have a huge impact on your business.