If we are honest, we sometimes like to watch others make mistakes. We’ve all watched the fail videos, the “caught on camera” car accidents, and close calls. Well I’m going to share one of my most painful financial mistakes with you guys. How I literally lost twenty thousand dollars. All I can say… is that if you get a lead, jump on it. I don’t care if they’re not ready to sell for 3 months. Put it under contract at the agreed upon price with an extra long window for closing.

I can’t tell you how many “motivational” videos I have been subjected to working in call centers over the years. I’ve been told to remember “I am a champion!” and been constantly cheered on with “Lets go out there and do this guys!” Doing phone sales, we have the idea pounded into our heads that sales is a one-call close. The first time you talk to the customer, they should buy. You want to sleep on it? Allow me to change your mind. You think our product is overpriced? You won’t when I’m done with you. I think you guys get the picture.

For whatever reason in my first few months of real estate, I was more lackadaisical in my approach. I would get a call, return it (sometimes if it sounded promising), and let them pick a time. This approach worked “great” until about 2 months in. I had a lead that we had been following up with regularly. He wanted 20k for a house worth 60k. Hands down we could pay that. Asked if we could come out and see the house and he asked that we wait a month while he cleaned out a deceased relatives things. Sure, not a problem. I can respect that, right?

I called him on the one month mark and set up a time to see it about a week out. In that week, he gets another letter from a different investor. That investor went out to see the house, called him, and closed it on the phone. What really hurt about this…. The seller left me a voice mail stating, “I had another interested party. He took the initiative to drive by the property and make an offer. It was under what I wanted, but it was fair so I accepted. Sorry for wasting your time.”

 

 

The moral of the story is take the initiative. I could have easily driven to check out the property in that month while I waited, but I didn’t and I lost out. Coffee is for closers. Grab the bull by the horns.

 

***This blog was originally posted on Bigger Pockets by myself.