Day 6: Qualify Your Leads
Welcome to Day 6!
Today, you will learn how to set up the process for qualifying leads inside the property pipeline of your account.
Having this process in place will make it easier when you call a lead back.
Customize Your Lead Sheet
Once you have leads starting to roll in, you are going to have to filter through each lead to see if it’s a deal you want to pursue or not. Not every lead you get will result in a deal.
There are going to be leads that you won’t be able to come up with a solution that works for both parties involved, or the lead doesn’t fit your criteria. The property pipeline is a great tool inside REI BlackBook to help you qualify each lead to see if it’s a property you’d like to purchase.
You have a lead that has come in and you need to call them back, but you aren’t sure what questions to ask. With lead sheets, all the important questions are lined up, ready to go for you.
When you’re ready to call the lead back, you just need to open the lead sheet for the property they submitted and fill in the fields as you receive the answers.
Lead sheets are fully customizable, so as you complete more deals, you may find that there are certain criteria you’re looking for when purchasing properties. Change the lead sheet to reflect what you’re looking for in each deal.
Customize your Repair List
One of your criteria may be the type of repair(s) a property needs. Not every property you purchase is going to be retail ready. Quite a few of them may need repairs.
The repair list tool inside the property pipeline provides a way for you to quickly build repair estimates. The repair list is customizable, so if there is a field that’s not already listed, you can simply add it and include it in the repair calculations.
Knowing how much the repairs will cost is important, so you can factor that into your offer, or assist you in determining if it’s a deal you’d like to move forward with.
Set up your Max Allowable Offer Calculator
After you qualify a lead and decide you’d like to move forward with the lead, you’ll have to make an offer. Sure you’d love to be able to help every person you talk to, but you also need to make a profit in the process.
The max offer calculator will help you determine the maximum amount of money you can offer for each deal. There are fields that you will need to fill out based on what is typical for each deal you close.
Those fields will include net investor profit, realtor fee, holding costs, closing costs, misc costs, and the assignment fee you’d like to make on each deal.
There are fields that will be pulled automatically that you don’t need to fill out. Those fields include the after repair value (ARV), and the repair estimate.
The ARV will be pulled from the comps you select, and the repair estimate will be pulled from the repair list. Once all the numbers are plugged in, the max allowable offer will be calculated, so you know how much you can offer while still making a profit.
Outsource Lead Qualification Process
Qualifying a lead can be a time consuming process from start to finish, but it’s something you should handle yourself at first until you perfect the process for your business.
Once the process is perfected, and you start receiving more leads than you can handle by yourself, outsource the lead qualifying process to a call center like PATLive. To set up service with PATLive and receive a discount use the link reiblackbook.com/patlive.
Day 6 Checklist
If you need assistance accomplishing each checklist item, click on the support articles.
- Customize your Lead Sheet
- Customize your Repair List
- Repair List: Editing Fields
- Set up your Max Allowable Offer Calculator
We appreciate you taking the time to accomplish Day 6 of the Getting Started Guide. If you are ready for Day 7, click here.
For questions, contact us at firstname.lastname@example.org.