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Wednesday, April 23, 2014

Real Estate & Fly Fishing - The Bite

When I fish small streams, there's generally a succession of small pools followed by a run or riffle and then a few more pools. Generally, in each pool there's a hungry fish waiting for its next meal. I present my fly, and most often there is a quick take or bite. If I'm quick, I can set the hook and reel in a nice fish. If I pause, I miss the hook set and I blank on that pool. Continuing to recast to that same pool is pointless. Once the fish goes for the fly and I miss the hook set, it turns off the bite and there's no chance of catching that fish again. At least not at this moment. If I head up stream and come back down, I might have another chance and surely on my next trip to the stream I'll get another chance in each pool.

Marketing to sellers is basically the same as casting to trout.

When I mail to potential sellers, my phone always rings. Just like the hungry fish in the pool, there's always a few property owners out there waiting for a good presentation. When the potential seller calls, I make my best presentation. If the seller bites and I set the hook in time, I reel in a nice deal. If I miss the hook set, I miss the sale and I need to move onto the next potential seller. Standing there and casting and casting to the same pool will produce no results. However, I can mail that same seller again in a few weeks or months, and possibly close the deal then.

Cast your fly, wait for the strike, set the hook, manage the fish, land a nice catch.
Send your mail, wait for the phone to ring, make your offer, stay on top of the transaction, land a nice deal.

If you're presentation/offer doesn't work, move on to the next one.