Property is a number's game, and the deals are in the follow up.
Don't loose sight of the Property Filter Hot Principles and where your Sourcing Pipeline™ seats in the overall blueprint.
If the Lead Generators™ is where leads are delivered, the Sourcing Pipeline™ is where you work.
Every step of the Pipeline is an action to take, where, you know what needs doing and you know when it's done.
"Most investors don't book viewings, on the ones that view properties, very few put offers in and then pretty much nobody follows up"
Success in property is very predictable. Join the top 1%:
Value your time, be highly strategic on which viewing you do and don't: the 'Due Diligence' Stage is the place where you ascertain if you will commit or not to this opportunity
Shift your mindset: when you commit to view a property:
1 viewing = 1 offer,
and never miss a follow up
This is where you transform all these good leads into great deals.
Check the Property Detail resource to leverage all the information available to you for every Lead on Property Filter.
'Do Due Diligence' stage
When you save a property from your Leads Inbox™, the Quick Search or add an off market property, it is moved to the 1st stage of the Sourcing Pipeline™ : 'Do Due Diligence'.
We have studied success and the aim of the 'Do Due Diligence' stage here is not to fall in analysis paralysis, dwell on the one deal until we loose it to a more decisive investor; but to ascertain that this lead is going to be worth your time and expenses to go on a viewing.
You want to ascertain here:
Are there signs that the vendor is motivated?
What angle can I find on this property to make a deal work?
How does it stack for a few scenarios in the deal calculator?
Always review the Price & Status History. This is your secret weapon in negotiation: has it fallen through before, has it been reduced, how does the asking price compare with the last sold price? How many agents are or were involved in the sale or rent of this property?
If multiple agents are involved, ring or assign a reminder to ring all agents to investigate.
Use the Comparables Module to see what is the likely current market value of the property.
See what strategy you can use to add value or if there is an angle you can exploit to make this a great deal.
Use the Deal Calculator to quickly stack your deals. You can add as many Deal Calculators as you wish and compare as many exits as you require on every deal.
How does it stack at the asking price and what would it need to be to work for you?
Stack it again if you need and find out at what price would this roughly need to be to work for you.
Check out the Deal Calculator ressource for more information about the idea behind the integrated Deal Calculators in Property Filter and how to stack up a Deal for every Strategy.
Then as written above, here is the place to decide to:
commit on this opportunity and move it to the next stage (1 viewing = 1 offer & never miss a follow up):
or not: 'Archive and Wait until next change' or 'Never Show Again'
So decision time! Is this worth your time to go on a viewing or not?
If not then you can decide to “Never show again” this property or “Archive & wait until next change”. If you assess that this opportunity is worth your time, click on the next stage of the pipeline.
The CRM Popup opens, you are prompted to log any actions or comments and I’d recommend you log your initial idea for this deal.
CRM Popup
As you push your deal to the next step of the Sourcing Pipeline™ (by clicking on the said stage):
'Do Due Diligence'
'Organise Viewing'
'Make Offer'
'Follow up'
'Offer Accepted'
Or by Clicking on the '+Add an action' button of the 'Action and Comments' tile,
you are prompted to log all your interaction with the property within the CRM popup.
The CRM Popup opens,
this is where you can move your deal along the different stage (repeated in the CRM popup),
You have a placeholder for any comment/message/notes,
Depending on which stage of the Sourcing Pipeline™ your deal is at, you can record
Viewing dates and times
Offer Made and when,
Pick your next checkup time
Arguably the most important item in the CRM popup is the 'Next Checkup' feature.
Set a date and get notified when the next checkup or Follow up is due.
Notifications will appear in red bubbles above each Sourcing Pipeline™ stage when due.
Finally you will find a summary of your date stamped previous actions and comment so that you can see all your historic interaction with the property all in one place.
This is where you can log calls, meetings and viewing notes, agents and vendors names, offers made, etc all in one place.
You can go as much or as little into the details here, what you record should be valuable to you. Say the property sales to someone else tomorrow, then comes back on the market in 3 months time, in 6 months time. You want to be able to pick up your notes,
call the agent or the vendor by their name so you fast track the rapport building,
relate to a previous conversation you have had so that you are seen as a professional, and
you will be able to do this at scale!
This fast tracks you on top of the rapport building pile!
Remember, the deals are in the follow ups!
Log your activity and interaction with the deal - property or vendor conversations and see it being date stamped and populated in your 'Actions and Comments' tile
'Actions and Comments' tile
Your Action and Comment tile here on the left now becomes your one place of truth for all your notes, links to any other documents you’d like to attach from your google drive, google docs or Dropbox for example.
This is where all your notes and activity from the 'CRM Popup' get populated.
This is where you log all your interactions with the property, the agents and the vendors.
The more you push your deal along the Sourcing Pipeline™, the more important this tile will get.
'Organise a Viewing' stage
Check the agent details from the property detail view and give them a ring.
Click on the 'Organise a Viewing' stage on the Sourcing Pipeline™. The CRM Popup opens.
On the phone we might ask some probing questions, and record any relevant information here, especially people’s names.
Then record the viewing day and time .
Your next action on Property Filter for this Property will be to Make an offer, so you can move this deal to that stage.
'Make Offer' stage
You would typically look at your Properties at the 'Make Offer' stage once you have been to your viewing. You can open your Property Detail View and make some changes to your Deal Calculator or add any viewing notes to your Actions and comments.
The next action will be to make an offer.
Click on the 'Make Offer' stage on the Sourcing Pipeline™. The CRM Popup opens.
Here you will record that you’ve made your offer over the phone to a names person, or that you formalised via email to someone else for example.
'Follow Up' stage
Most people fail to follow up and miss out on deals all the time because they don’t have the right system, they don’t have Property Filter, they fill up spreadsheets, they drown in admin and overwhelm.
And with Follow ups, the hardest thing is to keep things simple.
From the 'CRM popup', when you have placed your deal at the 'Follow Up' stage, click "Next Checkup", and just assign a number of days or weeks in the future and you will get notified when the follow up is due.
You see clearly on the property cards and you get a notification with a red notification bubble on the Sourcing Pipeline™ stage when your follow ups are due and then it’s just a game of making the phone calls and follow up with the agents or vendors.
Say you want to follow up on a property.
Click on it, then Add an action, your CRM popup opens, you see all your past notes from previous interactions.
Let’s say the vendor tells us that they are not motivated, no worries, we can log our discussion in the notes here and say we’ll follow up in a while: 2 weeks, 4 weeks, 8 weeks, or a specific date.
This property that was on top of the pile moves right at the bottom, and then over time, they all make their way up the list when they are due.
So, it’s very simple to use, and it’s the difference between most investors out there struggling to get traction and a very predictable success with Property Filter.
By default your pipeline is sorted by Follow up urgency, based on your next checkup dates.
You see that overtime the due follow ups come to the top of the list and when due or overdue, the card turns red and a notification bell appears on your pipeline.
To follow up,
Just ring the agent,
Record any key notes from your conversation in the CRM Popup
Assign the next checkup date
Just work your way through your leads, you’ve already done all the hard work, now it’s just a simple discipline of keeping in touch and occupying some headspace with the vendors or agents.
Follow up when you say you will, the system makes it as simple as possible for you but the results will only come from you making the calls!
Again, the deals are in the follow up, and yet most people never follow up. You are empowered now. Get the most out of the blueprint. Never miss a Follow up!
The only CRM system with Deals live with the market
You might have noticed: all these property cards are quite colourful.
Did you use to have the “horrible property spreadsheet”.
Have you ever found yourself copy-pasting Rightmove links in the spreadsheet, trying to use it as a follow up tool. Or used Trello or paid for Podio in a similar way as well?
You could easily spend one or two evenings a week evening opening every Rightmove link, updating the spreadsheet or the system, or paying £200-300 per month for a VA to keep the system kind of afloat. And by the time it's done, it's already out of date!
In contrast with property Filter, everything is live. It’s the only Deal CRM out there that is live with the market:
The price is the live asking price
The status and price history is live
You can see things quite visually. Green is available, Amber is STC, Red is withdrawn or sold
All the admin is automated!
Add Off Market Properties to your Sourcing Pipeline™
You can add off market properties to your Sourcing Pipeline™ so you can track all your deals in one place, here on Property Filter..
Say you carry a stack of generic letters in your glove box and you post it through people’s doors as you drive by and the phone rings.
Just click “Add an Off An Off Market Property” on the top right here of the Sourcing Pipeline™ View.
On the phone, you might say
“Hey Bob, thank you for the call, could you remind me of the postcode of the property?”
“And what was the house number again?”
Boom! You’ve been on the phone 20s and you know:
What’s the EPC of the property
The sqmage of sqftage of the property
And what the vendor bought it from and when!
The lease length
If you are in or out of an Article 4 area
Vendor details if owned by a company
Then you can add more notes from your discussion, later on you can add any pictures and layouts etc.
You then get an Off market property card you can push along in your Sourcing Pipeline™ together with everything else. With the link to all the local amenities or the comparables like we have seen previously!