One of the Cheapest Ways to Generate Leads
As one of the “seasoned” mentors – and by that I mean one of the oldest mentors – I have seen over 35 years of marketing trends come and go. When new investors ask what the best way to get deals is, I always tell them to go back to the basics and door knock.
You mean to tell me that I am going to go to the seller’s home and knock on their front door and ask them to sell me their house? That will never work!
I always laugh at this remark, and then I remind them that I got into this business in 1983… when we didn’t have all of resources that are available now.
Let me tell you what we didn’t have in 1983: personal computer (internet, email, social media, blogs, meet-up groups, contact management systems or CRMs, fax machines, cell phones, voice mail, copy machines… need I go on?!).
And Post-It Notes had not even been introduced. Yep…
Knock, Knock, Anyone Home?
Here is what we did have: Landline phones, phone book, a Rolodex (if you don’t know what that is, Google it) and a car. That’s it, friends.
How did we find a motivated seller in those archaic times? We looked in the newspaper classified ad section and hunted down FSBOs. We looked for target words – similar to what you would do on a Craigslist search – and we would either call them or get in the car and knock on their door.
Door knocking is the quickest, cheapest and easiest way to find deals. It is also the method investors use least.
But before I tell you how to properly door knock, let me dispel any fears you may have.
In all the times I have been door knocking, I have never had a gun pulled on me or been threatened in any manner. People have been rude to me... they’ve told me to leave or not come by again – but that's it. Most people are actually very friendly. Look, people love to talk and will tell you their whole life story and the life stories of all of their neighbors as well.
Follow these steps for a simple and easy process:
- Choose your target area
- Find motivated sellers in that area by using Craigslist (or any FSBO site) and look for keywords like: Needs work, TLC, handy man, must sell, etc.
- Organize them in your smartphone map so that you are not running in circles
- Take with you blank “Thank You” cards, a pen and postage
- Have a notepad on hand
- Be sure to have a purchase agreement with you – at all times
- Go to the property between 5-7 p.m.
- Knock on the door and politely engage in conversation the same way you would if you were on the phone using your script
Important things to remember:
- Always dress in a professional manner and be well-groomed. Business casual is best. You don’t want to look like a salesperson.
- Don't get offended if people are rude to you. Take the high road. Kill them with kindness and always be polite. Never argue, just leave.
- Be prepared for when people invite you in. If you are uncomfortable, schedule an appointment to come back and bring someone with you if necessary.
But what if the sellers isn’t home, have I wasted my time?
If the seller is not home, leave a Thank-You note in the envelope in their mailbox. Remember to put a stamp on it first. Why? According to the United States Postal Service, it is illegal to put unstamped mail in anyone’s mailbox.
Put the seller’s information in your contact management system and follow up with them via mail or phone if you can find their number via a skip trace.
Knock 3 Times on the Window if You Want Me
I know that most of you are going to read this and do nothing. Yep, 99% of investors do not go door knocking and that is why there is so little competition for deals.
Most people are not willing to do the work that it takes to become successful in this business. Are you?
PS: Check out our YouTube channel for more great training!
PPS: Before I let you go, I wanted to give you the eBook! Download it here!