At some point, everyone starts at square one. No money, no experience, no deals, no contacts, no team, no business plan and somehow we can all make it happen.
What do all successful Real Estate Investors have in common? There are 10 required essentials that Real Estate investors MUST have to be taken seriously. When you analyze the best investors like Donald Trump or Robert Kiyosaki and then look at a brand new investor who has never done a deal. There are 10 things that the pros like Trump and Kiyosaki have already established that a new investor will not.
Phill Grove is an extremely successful Real Estate investor from Austin, Texas. Phill shared his Top 10 Essentials that EVERY Real Estate Investor NEEDS to be taken seriously with me last week in Chicago and I have really been cleaning up my act since then.
Every NEW Investor who is looking for their first deal must have the following before they start raising cash:
1) Websites - We are in the year 2012, a professional website is an ABSOLUTE MUST. It's completely unacceptable to not have a website nowadays, especially considering they cost less than $20 to produce. Professional design looking design is a requirement as are separate sites and URLs for your sellers, buyers and partners. Control your online presence and traffic.
2) Business Cards - Business Cards can literally make or break a first impression. We have all met the person at the networking event who either:
- Doesn't have a card.
- Has a FREE card from Vista Print
- Has a hand written card on loose leaf
- A neon card that can be seen from space
- A card that looks like a fake $100 bill
Professional logos these days are cheaper than ever (Think less than $50 online), a proper phone line is a must (Think 1-800 number) not cell your personal cell, your personal email with professional .com address is a requirement, a thoughtful company name, and please... NO GIMMICKS. Remember, if Donald Trump wouldn't put it on his card, neither should you.
3) Voicemail Message - Easy, make it sound professional and get a good script so you sound like a real professional person. Not a party boy/girl or a cave man who cannot communicate. Nothing goofy here.
4) Real Estate Investment Associations - Simple, find local real estate groups, join and begin networking. Really, really simple.
5) Etiquette - So many investors FAIL at this. Make sure you have:
- A Professional sounding ring tone, I leave my phone always on vibrate so no one ever hears my Apple default ringtone. Although the Apple ringtone is absolutely fine because everyone who is successful has an iPhone with that ringtone anyways.
- Dress for success, you only one chance to make a first impression and cannot recover easily from a bad one.
- Talk the Talk, know your vocabulary and be prepared to know what the words of Real Estate mean.
6) USP - Develop your unique selling proposition and memorize it. What makes you different? I like to tell stories about deals that went wrong and how I protected my investors. Warranties are also a great thing to offer if you have the guts to do it.
7) Elevator Speech - Very simple, have a 30 second, 60 second and 1:30 second version of what you do and how you do it differently. The key is DIFFERENTLY. Know your Executive summary from your business plan inside out, incorporate your USP, add a dash of emotion and stir for best results.
8) Borrowed credibility - When you start out you have zero relationships, zero credibility and likely zero experience. Find and associate yourself with more successful investors and form relationships to help build credibility.
9) Aura of authenticity - Don’t fake it till you make it, act like you belong. There is a huge difference between the two. Faking never works, everyone can smell your underlying fear. Tell yourself that you have already made it and feel the effects and confidence that comes from the feeling of early achievement. Consider what this means.
10) Mindset - If you think like a five figure person, you will act like a 5 figure person. If you want to be a 6 figure or 7 figure person, learn how to set your mind at that level and think/act like the person you want to become. People are magnets and they gravitate towards people who are tuned to the right frequencies. We set our frequency with our mindset.
These 10 essentials are often overlooked by intermediate and sometimes even advanced investors. If you are new to the game and haven't done a deal, make sure you have these 10 things rock solid before you go soliciting investors. You will blow them away with your aura of authenticity and will look professional right on day one.
Onward and upward,