I notice a common reaction from my new students.
They are all super excited about building up a brand – a professionally designed logo, a fancy website, and shiny name cards.
They are clearly motivated and eager to start – ONLY THAT these are not the activities you should be focusing on at the start of your property business.
Why? These activities don’t directly get you closer to your first deal.
I’m not saying a good brand won’t be helpful at all – I’m saying that for many strategies (especially cash flow strategies) – a good brand can come AFTER YOUR FIRST DEAL.
If you spend too much time and effort on activities such as websites, name cards, logos etc., you fool yourself into believing that you have been working hard at your business. But in reality some people have not made a single phone call yet to arrange a potential viewing!
Remember that viewings turn into offers and deals; Phone calls turn into viewings. And you don’t need websites, logos, name cards to do any of these.
The very point I want to make is that you should have a clear idea of WHAT ACTIVITIES you should be focusing on during the early stage of your property business. Choosing the right activities to focus on will preserve your energy, expose you to the essential elements of your business earlier, and get you closer to your first deal earlier.
And the more quickly you can get your first deal, the more encouragement and motivation you will get in return, the less likely you will stop doing this business altogether.
For example for a Rent To Rent business, you do need to come up with a professional and relevant name for your company, set it up on Companies house, and get the related insurance etc. But other than these, you should go straight into shortlisting properties, making phone calls, and booking viewings.
Now I specifically tell my students to NOT build their website, logo, or name cards until they have got their first deal!
No comments:
Post a Comment