The Components to a Successful Real Estate Transaction

Bret EhlersReal Estate Investing0 Comments

All students who have had pay days from investing have certain things in common. These are the components that have made up their real estate transactions.

All students who have had pay days from investing have certain things in common. These are the components that have made up their real estate transactions.As I have analyzed each student who has had a pay day, here are the standards they have in common. Successful students/new investors do the following:

1. Follow the formulas and steps recommend by the coaching team.
a. The student/new investor are coachable.
b. They follow the direction of the coaching team and not the commission driven real estate agents who know less than the coaches.
c. The new investor does not allow the real estate agents, other investors or contractors to bully them away from executing correct actions taught by the coaches.

2. Don’t Complain
a. The successful student knows you “Get What You Profess” and they want good results.
b. They are solution oriented to make the transaction work correctly.

3. “DETAILITIS”
a. The successful new investor does not waste their time learning everything which has nothing to do with making money in real estate. They act now and do not need to know all the details of Civil Engineering and mapping property lines to wholesale or fix and flip a property.

4. Execute Consistently
a. They execute the actions which have been learned and need to be completed daily.
b. They do not allow life to get in the way and derail their success.

 

5. Giving up too soon
a. The successful new investors don’t quit. They keep practicing long enough to improve their personal skills, control their emotions and implement consistently the proper actions to have future success and profits over and over again.
b. Rarely do we have a student on the “Deal of the Week” webinar which has done only one transaction. Success Multiplies.

6. Systems In Place
a. The new investor has their systems in place. For Sale by Owner and Listing Agent interviews, 3-day cash investors, mortgage brokers, private money, weekly FREE ads and frequently placed weekly offers.

7. Control Their Emotion
a. They practice their scripts frequently.
b. They consistently conduct the live FSBO and Listing Agent Interview phone calls and stay on script. This call is max 5 minutes.
c. By practicing the scripts and making the phone calls the successful new investor controls the fear of rejection. They may not lack fear; they have learned to train the butterflies to fly in formation.
d. They are not afraid to say something wrong.
e. They are not too proud to say “I am new, how does that work” or “I will be speaking with my associate later and I will get back to you.”
f. With the help of the coaching team they correctly implement the uncomfortable elements of the transaction process. The new investor directs the real estate agents and contractors to conform to the safe actions which have been learned from the coaching team.

8. NO “GOTTOGETADEALITIS”
a. Contracting this disease is financially deadly to the investor. It is fatal. The successful student/new investors take the following vaccinations.
b. Completes the daily actions needed to place enough correct offers to select the right deal.
c. Because the new investor has many offers placed they don’t force bad deals under contract and pay too much for the property.
d. Creates a detailed Scope of Work for 3 like and competitive contractor bids.
e. Does not operate their business on the market hype generated by the real estate agents and others to create greed and fear of loss to earn a commission.

Successful student/new investors, who have earned a pay day, have followed the direction of the coaching team and they are making money. Students who have not followed the direction of the coaching team have made no money. This is what our students/new investors have in common to have a profitable pay day. These are the components for you to have a successful and profitable real estate transaction too.

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