In This Issue:
- Getting Started
- Establishing an Effective Real Estate Team
- The Holidays Also Signal A Holiday From Payments
- Think Before You Dial
Over the past few months, we have been working to further strengthen the quality of our data. In California, we have been providing both first and second mortgages along with even faster turnaround time of our accurate lists. In Florida, we have improved data collection to deliver even fresher information in our extensive coverage area. We are now delivering listings on the same day they are published in the Detroit area. On the next business day in Nevada, we are also delivering first and second mortgage information and Notices of Default. All over the country we are beating our own records of getting our listings to clients quicker than three business days! Default Research is going to shine even more in 2009 and the choice will be even easier when searching for a pre-foreclosure data provider—call Default Research. Happy Holidays and a Happy New Year!
Getting Started
The New Year is approaching, and it is a very good time to make your initial impact in the preforeclosure industry. If you are asking yourself how to get started quickly, we have a comprehensive and step-by-step article that will help you get going in the right direction.
It is January 1st and before you can call yourself a business, you have to officially become a business. The first thing to do is determine your legal structure and decide if your business is going to a sole proprietorship, limited liability corporation (LLC), partnership, or C or S Corporation. The IRS provides an excellent “Starting a Business” section located at http://www.irs.gov/. You may also check with your specific state’s Secretary of State as they provide valuable knowledge explicitly geared to your home state.
Now that you have established your business, you have to write a business plan. This is a must! A business plan will allow you to organize and focus your ideas, it will identify the strengths and weaknesses of your business, and finally it will provide a clear signal to those you approach that you are thoroughly prepared to start a business. You can find information on creating a solid, simple business plan at http://www.sba.gov/. Another web site to investigate is the United States Small Business Association. I worked with the SBA and they provided me with professional consulting and evaluation of my business plan for FREE. In addition, the SBA can help you get financing when traditional methods may fail.
Next, visit you local REAI club. The following website will give you a list of REIA’s in any region www.nationalreia.com. Generally, they have monthly or bimonthly meetings and it is important for you to start attending those meetings on a regular basis. Memberships are usually not too expensive and it will allow you to network with other real estate professionals. This will provide you with insight into others marketing strategies, see and get to know your competition, and search for any opportunities for strategic partnerships.
Now you are ready to develop your marketing medium. Ask yourself how you are going to market to prospective clients. Is the best way to reach them through direct mail, phone calls, or word of mouth? I would suggest trying different marketing mediums, but be sure to include a method for tracking success. Use promotional codes or provide unique phone numbers on each marketing piece so that you know which coupons or deals are grabbing the attention of your customers. A web presence is also important and there are many free web hosting sites that will allow you to have a website and unique email addresses.
This is a business done right and now you have your marketing materials printed, your phone scripts are prepared and your website is ready to start your marketing program. Here is where Default Research comes into play! If you plan on using direct mail or telemarketing, Default Research will provide you with the most “bang for your buck.” We provide our service with no hidden fees, and although our program does cost more than other real estate research providers, we have the most accurate and fresh listings in the business. For example, a direct competitor of ours only allows their clients to download 250 records and after that, you have to pay per record. Additionally, any company that provides a free trial will have data that is not fresh and, therefore, no good to you. Imagine the number of people using this service for free and you have a good idea of your competition. The price is good, but the odds are totally against you.
With Default Research, the success of your well planned business is a sure bet!
Buy before the New Year and get 15% off our already low internet rates (orders exceeding $500). Call Edith with promotional code PROMO2008 before December 31′st to get started.
Offer Expires 12/31/2008.
Establishing an Effective Real Estate Team
Unless you have four thousand dollars to burn, there is no need to attend a real estate “coaching” program to get you started in the property investment business. In fact, you can avoid real estate “coaching” scams and, with Default Research, have a qualified team behind you for no cost at all. Just follow our easy three step process and yes, I did say for free!
- With the home prices at the lowest levels in years, the first step is to find a realtor who has at least 10 years of experience. That veteran realtor will have seen the markets struggle before and will be very familiar with the situation.
- In this tightening credit market, a quality mortgage broker is a must. Unfortunately, many investors end up turning a profitable transaction into a loss due to poor financing.
- Establish a working relationship with a trusted title company. That company can help you get more information about a property and help you make a well informed decision when making an offer on that property.
Now, without spending any money on a real estate “coaching” scam, you have a qualified coaching team ready to support you.
How about a $50 credit towards your first purchase? If you are currently using another company for pre-foreclosure data and switch to Default Research, we will give you a $50 credit for your first quarterly purchase. For more information contact Edith at (888) 211-8396 x708 and mention the keyword competitor.
Offer Expires 12/31/2008.
The Holidays Also Signal A Holiday From Payments
One situation that is very common during the holidays is that 40 to 60 percent of middle class property owners go into debt. Most families worry about what they are going to do for Christmas and, while they may only have enough money for the mortgage (about 70 percent of this group of people pay 60 percent of their income into a mortgage), they choose, instead, to make holiday purchases. The number one debt ignored is the mortgage and they excuse this by telling themselves they will catch up in January.
What is the MOST IMPORTANT MOMENT in a real estate investor’s life? It is the 30 to 60 minutes you are with a potential seller trying to get them to sell at a 20% to 50% discount to their homes value!
“Imagine Being Able to Consistently Get Seller’s To Sell At A 20% to 50% Discount!”
Wonder if this is possible? It is if you are totally prepared and have a well- done professional presentation during that critical moment.
Think Before You Dial
Our verified phone numbers have a 95 percent success rate. So, why do so many of our newer clients call and say, “Every phone number I call is the wrong number.” Here is a hint: it is not because of the verified phone numbers. Edith, our Senior Account Manager who has years of experience in the collection industry, explains how to establish immediate trust by making a personal connection over the phone.
The families that are on the receiving end of that phone call have been battered by phone calls from other people looking to help (or hurt) their problem. If they say you have the wrong number, maybe it is best to say, “I understand that you are having difficulties with the property you own. I’m calling to help you with that problem. I promise.”
This is your time to shine and show that you not only understand the foreclosure process, but that you also have compassion for their particular crisis. Always put yourself in their shoes and try to imagine what they are going through. Once that connection is made and the conversation is started, it is time to be calm, listen and then listen some more. Make sure you understand what their situation is, how you can help them, and then finally offer your most sound and genuine advice.
This is the advice I have found to work, but I am always looking for excellent suggestions for our clients to help them avoid the almost instant hang-up. Please send me your tools for success to edith@defaultresearch.com and I will share some of your suggestions in next month’s newsletter.