The “ONE thing” for real estate investing - track this or else!
What’s the most important thing to track in your investment business? And why should you track it? The short answer is if you don’t track this metric, it’s highly likely your business won’t run well for very long…
But let me give you the slightly longer answer so you understand what the heck I’m talking about.
You see, the world runs based on “cause” and “effect”.
If you put your hand in fire, you get burned.
Certain inputs will reliably create certain outputs.
If you want to create a desired positive result, you need to focus on doing the right actions.
Eating healthy and exercising, will make you healthy for example.
But what should you do if you’re not positive about what input will give you your desired result.
You test, look at the result, and then modify your input based on the result.
Now, before I get too scientific let’s just get right down to how this applies to starting and running a real estate investing business.
What’s the output you’re looking to get?
Easy. You want deals.
So what inputs are needed?
We’ll look at it through the lens of the “focusing question”…
This is from the Book “The One Thing” by Gary Keller and Jay Pappasan. (highly recommend it)
The question is, “What’s the one thing I could do, such that by doing it, everything else becomes easier or unnecessary?”
So let’s ask it.
“What’s the one thing I could do to get deals, such that by doing it, everything else becomes easier or unnecessary?”
The answer is “make lot’s of offers”.
Let’s keep going…
“What’s the one thing I could do to make lots of offers, such that by doing it, everything else becomes easier or unnecessary?”
Now our answer is “generate lots of leads to make offers on.”
One more time…
“What’s the one thing I could do to generate lots of leads, such that by doing it, everything else becomes easier or unnecessary?”
What’s our answer this time?
Well, it’s going to vary for many people.
If you’ve got more money than you do time, your answer is probably be to do some direct mail or advertising.
And if you’ve got more time than money, you’re going to have to do more prospecting.
But the important thing to notice here is that you need to be generating leads.
And in order to know if what you’re doing is working, you NEED to TRACK this!
More leads = more potential to make offers = more offers made = more offers accepted = more deals closed!
So track how many leads you’re generating and keep tuning your marketing until you’re generating enough leads to meet your deal goals (and income goals).
I mean, what’s your alternative?
I’ll tell you what it is… it’s floundering around not knowing what to do… or running around like a headless chicken.
Hope this clears things up for some of you. Have a great day!