How Many Deals Should I Expect?
I’m fairly new to the game and trying not to get discouraged. Realistically what percentage do you guys that do this full time expect to close on? Out of 10 distressed homeowners you visit with how many do you take all the way to the short sale package stage. Out of 10 that get to that stage how many do you close on?
Tough. Depends how you target them. At least half, though, but it depends on your competition, sales skills, and goals. You can always approach it as "What do you have to lose?" . Not much competition in my area.
How many have you met with?
Quote:
On 2007-10-15 22:58, azct24 wrote:
I’m fairly new to the game and trying not to get discouraged. Realistically what percentage do you guys that do this full time expect to close on? Out of 10 distressed homeowners you visit with how many do you take all the way to the short sale package stage. Out of 10 that get to that stage how many do you close on?
I am not totally understanding your question.
Are you asking (1) what percentage of home owners agree to work with you and doing a short sell (2) what percentage of lenders agree to a short sell (3) what percentage of short sells work all the way to the end and you make some money?
(1) I get 100% of the homeowners I visit to give me a short sell package. But I prescreen on the phone and do not visit unless they have agreed.
(2) your success at getting the banks to agree to a short sell depends on how much of a discount you want. If you are a realtor and you only want a commission, then your price is a low retail price. Good chance of success. If you are an investor then your price is a wholesale/investor price and there is a much lower chance that the lender will agree. Now how good you are at getting the investor price accepted depends on the lender and your short sell skills.
(3) Making money on short sells depends on the above and on your market and the ability to find a buyer. How are you marketing your short sells to find a buyer?
nat.Are you dooI get the package 100% of the distressed homeowners that I visit. But I prescreen on the phoe and will only visitNow I only visit homeowners that I have prescreened on the phone and are good to go. Are you door knocking - because that is a different animal.
Disregard that last paragraph, I did not see it before I sent the reply.
That answers most of my question. I understand about getting the property owner on board and have had no problem with that. However; unlike most, I make it a point to visit with the homeowners even if they don’t seem motivated enough to work with me. Mainly because 9 out of 10 people in default will eventually go back after a forbearance or come to the realization about the situation eventually. I meet with them because who do you think they’ll call first when the problem comes back? Also most of my business is now referrals from homeowners that I couldn’t help that appreciated me meeting them personally. This sets me apart.
Skill level, experience and deal specifics aside out of 10 short sale packages YOU present to the bank what is the average that you close?
I think the personal touch is great esp. if you have good communications skills.
Ruman, that answered my question specifically. Thank you for the thorough answer, this helps me. Sorry it came across so vague.
Thank you Ruman, I have an appt next week.
Can they sell properties?