Step 4: Build Your Unstoppable Deal MachineNow you know how to build a list of prospect banks and credit unions with non-performing loans and REO, how to qualify them, how to build your list of contacts…
Now you need to start talking to folks.
There are a few ways you can do this.
But the most important thing you can do is make system of it. Don’t go after it “willy nilly”. make a plan. I’ve laid out prospecting plans before.
Here’s the thing.
ONE or two contacts doesn’t do it. Studies show that most sales don’t happen until after the 5th or 7th contact. Meanwhile most people give up after just ONE. There are lots of studies that show this, here’s one.
Most People Will Never Succeed at Anything at a High Level
And its because they won’t do the work. They’re lazy. They’re scared. They make excuses.
So decide right now that you’re not going to be that guy (or gal). You’re going to do it right and you’re going to work a prospecting system and decide that you’re going to track your efforts.
Because that which is measured improves.
“When performance is measured, performance improves. When performance is measured and reported back, the rate of improvement accelerates.” – Thomas S. Monson
… if you prefer.
No, you don’t have to do all this. You can skim along the bottom with the other 98%, and the fact is that most people who read this will. That’s just the reality and the math of it.
Most people won’t ever do what’s necessary to succeed at this or at anything for that matter. Most people just consume information, spend some money on tools and courses, do nothing with it and most people will be in the exact same place (or worse) 1 and 2 and 10 years from now.
What Your Prospecting System Should Look Like
This is where the rubber meets the road. You must reach out systematically to your prospects. There are a lot of ways to skin a cat. This is one.
You need to reach out to your new prospects repeatedly at the beginning until they know:
- who you are
- why you’re calling on them
- how you can help
If you’re not going to help them do something (eliminate REO, recover capital from non-performing loans, clean up failed construction projects) then don’t even begin.
Stop thinking about how your’e going to make money on the deal and start thinking about how your deal is going to benefit the seller. If you don’t know where to start with this you might want to look into the Academy.
After your initial push where you make sure your prospects are aware of you and how you can help – now you need to stay in touch on a regular basis, at least monthly.
Because circumstances change constantly.
They didn’t have that file with the defaulted retail strip on their desk a month ago. They didn’t have the pressure of the quarter closing a month ago. Their “regular guy” didn’t botch a deal for them the last time you spoke. Now they have. Now they need you.
Where most people fall down on this is they get disorganized, they get scared, they lose confidence. Don’t do this.
If you don’t have a CRM you’re using then use a spreadsheet. Decide in advance what your prospecting efforts are going to look like.
- How often will you call? Set a schedule.
- What will you say? Write the script.
- Will you send an introductory email? Write the template.
- Will you reach out on LinkedIn? Use a template.
Don’t leave these decisions until game time.
Decide on your process then execute.
That is all there is to it.
Bust most people won’t do it. :(
In the Academy you get a simple if/else script that you can work through and we show you some tools you can use to manage your work.