|In our current market, there are lots of great opportunities.|
Hold on. You don’t believe me?
Sure there are a ton of investors and just not enough inventory available. I’ll admit, it’s pretty cut throat out there. But that’s why I don’t go “out there” where everyone else is.
This is why I work probate.
But saying you’re a probate expert doesn’t make it so.
It kind of reminds me of all the youth I see going to college and getting their degrees. Now don’t get me wrong, I think there are plenty of valuable lessons that are learned by going to school. But it happens time and time again where I see one of these freshly graduated young adults step out into the real world and expect that just because they got a degree, their dream job is a guarantee. Unfortunately, a harsh wake up call often comes in the form of a job at McDonalds.
The point is just because you want to be something doesn’t make it so.
You need to not only learn about the probate process, but understand what you need to do to win the deal.
There are 3 “tried and true” strategies that you can employ to outperform and outwit your competition.
PUT IN TIME AND EFFORT
This might sound like plain common sense; however, it is advice that many people do not follow. People who get results are the people who put the time and effort into researching, finding, negotiating, and doing what is necessary to acquire the property. Yes, sometimes you lose a deal but if you consistently put in the “time and effort” you will win more than you lose.
You have to know what efforts will bring you the best results. Be calculating. What many real estate investors do in a competitive market is a shotgun approach. They work really hard, make lots of phone calls, mail out a bunch of letters, put in lots of prospecting efforts but get absolutely no results. They have no strategy and there is no calculation behind their efforts.
The lesson here is to become a strategic thinker. Focus your prospecting efforts in a particular niche within real estate or within a geographical area. For example, you may want to pursue property opportunities that are within a certain distance from your office. Or maybe you are more interested in houses that are of a particular structure such as a duplex. Perhaps you are interested in single-family homes.
Bottom line: put the majority of your time within the space you choose to focus and you will start to see results.
In competitive markets, many investors tend to quit too early when they see that their efforts are not producing sufficient results. For instance, there are lots of opportunities in the probate real estate market, and investors pursue these opportunities but many of these same investors do not have the willingness to stick with the market.
Unfortunately, many investors want results yesterday. Experience tells us that the best and most consistent opportunities come with patience and consistent efforts. You put the time and effort in. You plan your efforts strategically and you stick with it.
To your success,
Ernie “Putting in the Work” Vargas | The Probate Fox