The $5,000 Deal That Almost Got Away!
Last week we pulled a $5,000 check out of a deal we ALMOST let slip through the crack!
This lead came into my CRM on July 11th (almost two months ago).
It was an organic SEO lead that was Instant Called by Call Porter.
Notes from my inside sales agent:
Spoke with seller. Seller stated they have purchased the home 7 years ago. Home was built in 1999. Nice neighborhood. They are the 2nd owners. Previous owners put on a new roof the year before they purchased it (2013-2014). They are looking to get things done within the next 30-45 days as they are looking to move to be closer to family in Colorado. Seller stated the property needs SOME work. Some carpet is damaged. 100% carpet throughou the home with exception of kitchens and bathrooms. popcorn ceilings and walls. All siding. Seller stated he is fielding offers from other companies in the city but we are the first to call back.
Appointment scheduled for: Tuesday July 16th, 2019 @ 1PM EST.
Notes from my acquisitions manager post-appointment:
This is a vinyl village. Weird houses. Half look like a town house from the front with the front door on the side of the house. Seems like a heavily rented area. Matthew and his wife were renting this to his brohter-in-law for $1200 a month. He said they are renting for $1400.
They are moving to Colorado and just want out from this house. He knows it needs a lot of work said “he’s not looking to get a whole lot for it. Just wants out from under it.” Said he’d like to get $115,000.
I think he thinks the house is worse than it is because it’s dirty and gross. Nothing structurally stuck out to me. Needs carpet and paint throughout. There are also popcorn ceilings throughout. He was in the process of scraping them off the living room/kitchen area ceilings so going to need some finish work there. They had window A/C units running when I got there so I’m assuming the actual unit is not working. They bought the house about 7 years ago and the roof was replaced when they bought it.
Seemed very motivated and ready to move back to Colorado so I’d say a very good opportunity here! Just to clarify. They were renting their house out for $1200, but houses in the neighborhood rent for $1400.
Our Offer:
We made them an offer in the 90’s and they told us that they had an offer for $123,000 and to go pound sand.
At this point, my team totally dropped the ball. They thought it was a dead deal and abandoned it in our CRM. It had no follow-ups scheduled and no open tasks. (Podio’s reminder system. For anyone who wants to use my CRM ping Call Porter. It’s one of their products!)
I audited every lead we had in July on August 1st and tagged the team that they’d dropped the ball on this one. Twenty-four hours later we had it under contract for the balance of their mortgage.
Selling the deal:
We emailed the deal out to our buyer’s list using my auto emailer software. (logs into Gmail and types messages out so there is no unsubscribe link or way to tell it’s not a one to one message)
We ended up assigning the deal for $5,000 to a buy and hold investor. I don’t know about you, but I’m still at the level where “finding” an extra $5,000 helps my business continue to grow and move forward.
Lesson:
This deal took eleven touches to get under contract. It took us 22 days from the initial contact to getting it under contract. It took right at 50 days to get paid. What you today is going to determine what you get paid a month or two from now. Are you earning the profits of a deal or wasting time today?
Make sure that every week or month you go through every lead you had come into your CRM and audit it. Most investors give up too soon! We did on this one. I’m grateful I caught it!
