Be a Master Real Estate Entrepreneur

With foreclosure rates at a record high and home owners desperate to sell before the bank takes over, there hasn't been an opportunity to reel in real estate cash like this in over a decade - if you know what to do.

First you must be prepared. This first step sounds basic, but will make or break you when the moment of truth comes. So, always be prepared to book an appointment no matter where you are or who you're with. If you wing it, you might lose out on a huge opportunity. This means you need to have a plan for when someone approaches you, whether on the phone or on the street, and know exactly what to say to get them interested.

Second is pre-call planning. This is not preparing a script for a phone call, like in the first step. You already got the appointment. This is being prepared for when they want to see the house, like having all the property information, a calculator, and those sorts. You worked hard to find a lead and get the appointment, now you really want to go above and beyond to impress the client. If you're not adequately prepared, this step could be the deal-breaker.

Now for the actual presentation: practice, practice, practice. Don't just rely on your strong personality, that's for amateurs. Another amateur mistake, you don't want to make it a race by just getting them to like you and to accept the offer as quickly as possible before a real pro steps in. The presentation is where you really have to have confidence in what you're doing and show true professionalism.

Then step four: closing. The most important thing in step four is not to rush. If you rush through it, you might scare your clients away. You're more likely to tip a server well when they're calm and accommodating, not when they're rushing through your order, right? Same concept. Keep it steady, go over the contract, and don't skip any paragraphs. They might get sketched out if you skip a paragraph when you're explaining the contract in detail to them and think you're trying to hide something. Don't leave any room for doubt or suspicion.

Finally, the last step: following-up. This simple last step is a biggie, yet it's often left forgotten or just unused. Whether they’re hand written letters or a phone call, never underestimate the power of a follow-up. Ask how things are going, and definitely ask if they'll give you a testimonial - most of the time they will. Don't forget to get it in writing that they're allowing you to use their testimonial.

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