Re: Ready for a change! - Posted by Dave T
Posted by Dave T on June 24, 2000 at 15:36:42:
No you don’t need to be extroverted or a natural salesman to be successful. You DO need to be motivated and informed. You need to know what you are doing and then have the determination to get the job done.
Why did you only read 3 or 4 chapters in the Sheets course? Was this unfamiliar material you had trouble comprehending? If so, then take the real estate licensing course to fill the gaps in your understanding.
If you quit reading the Sheets course because you thought you were’nt the right personality for this business, then you just let fear of the unknown and untried get in your way. This fear will disappear as you become more familiar and comfortable with the mechanics of constructing an offer and closing the deal.
If you are just overwhelmed with the variety of creative real estate opportunities out there, then pick a niche to specialize in and develop a set of personal goals to complete your first deal. Concentrate your learning curve on the activities you need to do and the knowledge you need to have to do the deal.
While you are in learning mode, go visit 100 houses. Look at all the FSBOs in the paper and call all the owners. Go look at all the properties and ask the questions you need to ask to make an informed business decision. After each visit, make notes on the property, its price, its full market value, your estimate of repair cost, and the seller’s motivation for selling. Don’t make any offers until you have visited 100 properties.
When all this is done, you should be comfortable with neighborhood values, your ability to estimate repair costs, your ability to determine the true market value of a property, and your ability to meet a seller face-to-face. You will have the confidence to construct and make an offer that meets your objective in purchasing the property. With this confidence and knowledge you won’t be afraid to negotiate the best price that satisfies both you and the seller.
Lastly, before you make an offer, know what you will do with the property.
Have a plan, follow the plan, and revise the plan when something breaks. Establish a set of personal goals that lead to your first deal. Maybe you look at 2 houses the first week, and 4 the next week, and a certain number each week until you have seen 100 houses. While you are looking at that first 100 houses, get your contracts developed and assemble a team of experts. Perhaps you want a lawyer and a title company on your team for the first deal. Later you may want to add appraisers, rehab contractors, lenders, and realtors to your team as you need them.
The bottom line is that success in this business comes from confidence. Confidence comes from knowledge of your subject area and your ease and comfort with the activity you are doing. Knowledge of your subject area is gained every day you do this stuff. Ease and comfort with the activity are increased each time you meet a seller and make an offer.