Improving Your Lead Conversion

 

 

There are different ways in which you can improve your lead conversion.
Your Ability to Structure Deals 

If you know how to structure deals creatively, you can convert leads that have no or even negative equity. So any BMV discount you get can be viewed as a bonus rather than a pre-determined criterion.

There are hundreds of ways to structure deals. Unless you break free from the BMV paradigm that confines you to doing things in just one way, you would always working at the mercy of mortgage lenders, surveyors or sellers saying “yes” to your 25 or 30% discount.

There are investors profiting from unqualified leads right now. They use techniques such as Lease Options to help sellers who have little or no equity in their property. If you want to learn how to do the same, visit www.WealthDragons.co.uk/leaseoptions.htm.
 

Your Attitude Towards Buying Leads 

 If you are worried about spending money on leads, then this game is not for you. It is strictly a numbers game. The more numbers you have to play with, the more chance you have in succeeding. Think about how much you’d have to pay otherwise for a finder’s fee (typically between 1 – 3%) or advertising online or offline to generate your own leads. We’ve had many success stories of people spending just a few hundred pounds to turn the leads into juicy deals worth tens of thousands of pounds. That’s the reward for being good at this game. (see our testimonials). We’ve also come across many people who’ve spent hundreds of pounds to generate leads for themselves and got absolutely none whatsoever! 
 
Lead Selection & Due Diligence

As mentioned before, the more information disclosed in a lead, the higher its quality and the greater the chance of converting it. However, even with high quality leads like you find on this website, you would still need to choose your leads carefully. Therefore, you’d need to consider the following points before you get your wallet out to pay for a lead:
 
  • Does the property fall within my buying criteria?
  • Does the lead have enough information for me to do my due diligence? Does the rental stack?
  • Is the stated valuation likely to be the same if I instructed a RICS valuation? After all, my mortgage application depends entirely on the valuation report.
  • These are the things you’d need to consider BEFORE and not AFTER you buy a lead. 
Your Negotiation Skills 
 
This is all it boils down to – negotiation. There’s a saying that a lead is only as good as the person negotiating it. If you don’t think you have the necessary skills or time, you can always buy leads and use a company like Deal Closer to negotiate on your behalf.

For us, a skill as important as negotiation is something from which you can benefit for life so it’s best to take the time to learn and develop it.

If you know how to structure a deal creatively and negotiate appropriately, you can turn any leads into deals. Therefore, negotiation skills are extremely important if you want to be successful in property investment. Take the time to develop it and become a master of it. Visit www.WealthDragons.co.uk/apprenticeday.htm

 
Being Opportunistic

If you negotiate a lead but it happens to fall outside your buying criteria, pass it to someone else. Just because you don’t want the deal doesn’t mean another investor doesn’t. Therefore, it is important to have access to other investors who are looking for deals. As a member of this website, you can submit a deal to us and we’ll try to package it and sell it to one of our thousands of registered associates. It could earn you hundreds or even thousands of pounds from a deal that you don’t want. We have a course that teaches how to build a list of investors so you can “flip” your unwanted deals for thousands of pounds. For more information, visit www.WealthDragons.co.uk/dealpackaging.htm

 
In summary, here are the few steps I recommend you to take to drastically improve your chance of success:
 Play the numbers game
  • Do your due diligence before you buy your lead
  • Call the seller immediately to touch base and inform the seller when he / she can expect an offer from you
  • Adjust the seller's estimated value of property with your own research as evidence
  • Don't be afraid to put in an offer that exceeds the seller's original 25% BMV expectation, i.e. 30% or above
  • If a “cash” deal is not possible, offer alternative solutions to the seller by structuring your deals creatively.
  • Follow the tips on negotiation (see below).
  • Don't take “no” for an answer in your negotiation – very important!
  • Keep the seller in the loop.
  • If a lead is no go, move on and learn from it. An experience is never wasted.
 
You should also expect the seller to have contacted other similar companies. This is understandable when someone is selling essentially one of the biggest assets of his / her life.
Negotiation is an art. There is no sure-fire way of succeeding in this game. It depends on a variety of factors, such as the nature of the deal, your opposition and personal style. One thing for certain is that if you want to become successful in property investment, you need to master this art and become an expert.
If you want to become an expert in deal structuring and negotiation, visit www.wealthdragons.co.uk/apprenticeday.htm.
 

Best regards,
 
Vincent Wong
 

www.WealthDragons.co.uk

 

 

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