I’m talking about scorecards on this podcast. Scorecards are important, yet many people avoid doing them. Gavin Timms, my training partner, is on with me.
Gavin’s in St. Louis doing an Implementation Workshop with me. These workshops are great. We give out leads, set up systems, and get students VAs. We even partner with students on deals sometimes.
Back to scorecards… they tell you how many offers you make; how many offers result in deals; how much and what kind of marketing are you’re doing, etc. Share it to keep yourself accountable.
A scorecard is especially important if you’re working with a coach or mentor. They need to see what you’re doing in order to give you feedback. If follow-up or marketing is down, the scorecard will show it.
If you’re doing all the work and still not making deals, maybe your offers are too low or you aren’t explaining lease purchase clearly. Your coach can work with you on whatever the scorecard indicates.
Listen and learn:
- Get a scorecard right now and use it to determine your numbers.
- Your speed to income is directly proportional to the number of offers you make.
- Learn the data you need to measure using a scorecard.
- Think about taking the Implementation Workshop… it’s a killer way to get your business moving.
Mentioned in this episode:
- Joe’s podcasts on iTunes: Real Estate Investing Mastery Podcast
- Joe’s coaching program: CoachJoe.net
- Two-day Implementation Workshop with Joe and Gavin: VirtualCaseStudy.com
Download episode transcript in PDF format here…
Joe: Hey guys, Joe McCall and Gavin Tim, and we are the… I keep on wanting to say the something brothers. We got to think of something like we’re REIM brothers for real estate investing mastery. But this is Joe, with the REI in your car podcast, part of the real estate investing mastery podcast.
Joe: And if you guys have not subscribed to the show yet in iTunes or Stitcher or whatever podcast player you’re listening to, then you need to do that. But I also want to ask you to please leave us a review. If you like this podcast, leave a review in iTunes and let us know what you think of it. It’s kind of like a tip jar. We want to know what you think and what you like and what you don’t like even, it’s cool. Tell us. I’d love to know.
Joe: But Gavin and I are here, Gavin’s in Saint Louis and we’re doing our client coaching implementation workshop right now and we’re hanging out with a bunch of cool people Monday and Tuesday, helping them implement their systems, do their marketing, teach them how to make offers, how to talk to sellers, it’s a lot of fun. You just got to roll up our sleeves. We got a lead today from one of our clients. You were out of the room, Gabby you didn’t see it, but we sent a message out, Hey Linda, whatever her name was, we, um, we think we might, you might own the house and went to the main street or something like that. Um, we’re looking for some property in the area. Do we have the right person?
Joe: And she responded back, yes, are you a realtor? We respond to, these were absentee owners by the way. These were absentee owners with equity that we were texting. And we responded back, No, we are not a realtor. We are investors. You wouldn’t have any interest in selling your property, would you? And she responded back, sure. And then she said, But we have a tenant in there now. And the, no, no, what did she say? I’m getting this wrong, but she said something along the lines of, um, she has a tenant in there until October. So that’s like four or five months from now and… Five months from now at the least…
Joe: And then we responded back to her. We said, well that’s not a problem. What if we could buy the house and take over the lease? That wouldn’t work for you, would it? And she responded back, Sure, with an exclamation point. It was for Don. And so I’m not sure if Don’s called her yet, but that’s a hot lead just from some text messages that we sent in the class. And that sounds like a motivated seller to me.
Joe: I mean, somebody that’s got probably more than one property, if it’s an absentee owner, she probably has several of them. And we’ll see what happens. We need to follow up, remember to follow up with Dan to see if he called that seller yet or not.
Joe: But one of the things we wanted to talk about today was the importance of a scorecard. And we just got a few minutes here. Why do we do scorecards? Gavin, why are they so helpful and important?
Gavin: Well, a couple of reasons guys that you should have a scorecard… if you’re working with, you know, let’s say you’re working with me and Joey, or you got a coach or mentor, it’s important for you, for us and for you, to have a scorecard because that’s going to show us where you need to improve. Okay. We have a lot of clients, um, that we, that we teach. People, you know, buy courses and there’s always a common thing that a scorecard always going to show you. And it’s probably, you know, talking to sellers, making offers again, and following up as we always talk about. That numbers being down or not being done at all. So if you right now have got a scorecard or you don’t have a scorecard because you’ve got nothing to fill out, then that’s a problem. We need to change that because on that scorecard we need to get our marketing go in. Okay. When she got our system built, because we need the leads coming in.
Gavin: Once we have the leads coming in, we’re going to then talk to them. Okay. When we’re talking to the leads we’re finding out about their situation, which is going to lead us to motivation and urgency. That is going to give us what our next move is, right? Which is then going to be making the offer. So then we’re going to make the offer and once we’ve made the offer we’re going to follow up. So that’s what is going to be going on your scorecard with how many, um, you know, cold calls you’re doing or your VA’s are doing. Alright. And then when, as coaches, if we have that, we can look at it and say, okay, so you have been, you know, doing, talking to sellers and you have been making offers and following up.
Gavin: Well then we can dive into deep waters. Is it the amount that you’re offering? Is it the comps that you’re pulling? Is it the way that you’re positioning yourself? And we can start to then work on that. But one of the hardest things in this business for us is when people aren’t taking any action. Because if you’re not taking the action, the first thing that we’re going to tell you is take action. Because that’s the only way that we can actually teach someone different.
Gavin: And I take this experience back from being as a golf professional, teaching hundreds of people how to play, that if I would give a lesson and we’d work on the grip and they would practice for three weeks, guess what? They come back. We’re going to work on the grip again because until that’s fixed, we can’t and go onto the next thing.
Gavin: Alright? So it’s the same in real estate. You’ve got to be making sure, and it’s going to help you massively with accountability. And you should have a scorecard. Your son, wife, daughter, husband, can keep you accountable even if they don’t know anything about the business, right? Share the scorecard and say, hey, make sure you hold me accountable to these numbers. And what you’re going to find guys, this is the incredible bit, that if you can do five sales a day, make three offers a day and follow up. If you don’t all of the numbers but hit the majority of them, you’re going to do deals. Okay? And this is a business. If you’re getting in this brand new or your experience, you have to give time to the business working. You cannot give real estate one month. You got to give it six months, okay?
Gavin: And you need to analyze yourself and do this right now. You can after this podcast, just think about your business, your life right now and say, based on my performance in my business, would you hire yourself? Okay, you might have a W, you know, a job W2, and you’ve got people may be working for you and you expect a certain standard within that job. And so ask yourself, if you were, would you hire you on your performance right now to run a business, and just think about it and go, you know what? I wouldn’t, well guess what you got to do. Change it.
Gavin: Make sure you’re going and attacking every single day and say, I would’ve hired me. I’ve given everything today. I’ve made my calls when I’m tired, I got off work and you don’t want to do it. Some of the best deals when I started was when you don’t want to do it and you call them extra two people. Okay. And that could be the deal that you need, because you never know. The more no’s you get, you’re closer to a yes. And the next person may say, yeah, sure I’ll do that. I need to sell. Boom, you’ve just made five… ten… fifteen… $20,000. you know, just from doing that extra step.
Joe: Oh yeah. And if you’re not… if you wouldn’t hire yourself then hire people that would do that stuff for you. But here’s the whole point and we’ll wrap this up with a nice pretty bow. The reason why the scorecard is so important is it forces you to focus on what’s most important. And what is that? Talking to sellers and making offers, right?
Joe: Like your speed to income, I’ve said this 100 million times, your speed to income is directly proportional to the number of offers that you make. And having a scorecard where you track the offers that you’re making every day, you’re tracking the sellers that you’re talking to, outbound marketing that’s going out. You start tracking those numbers, you’re gonna see why you’re struggling. You’re going to see why in three months it’s not working.
Joe: Because the number one question we ask folks when they complain, Hey, this isn’t working, I’m struggling. Alright, how many offers have you made in the last week? And nine times out of nine, it’s not enough if they’re struggling to make this work, right?
Joe: So real simple, just make a scorecard, and you don’t have to be the one that even creates it or updates it. Get a VA to do it for you. Start tracking these following things, right? You ready? Number one. How many outbound calls are you making? How many text messages are you making a day, a week? How many postcards? How many letters are you sending out? How many people are you going on to the Facebook marketplace and sending messages to? How many ads day are you going to craigslist or Zillow and finding the rentals in the fisbos and sending texts or letters or whatever. How many… How much outbound marketing are you doing every day?
Joe: Then track three things. The inbound sellers, how many seller leads are you talking to? How many contracts and offers are you sending? And by the way, you should be sending offers to every seller you talk to, and how much follow up are you doing? So if that sounds overwhelming to you, that just means you need help. That just means you need to get somebody else to do it for you, which relates to the last podcast we did. You know, do you think Richard Branson is answering the phones from potential customers and clients? Do you think he is actually preparing the proposals and making the offers and updating the CRM? No, he’s not doing that, but he’s getting somebody else.
Joe: Now if you can’t get somebody else to do that for you yet, then yeah, you need to do it. But get a scorecard. Alright. And make sure everybody on your team has their own scorecard.
Joe: Alright. Anything else? Oh yeah. Hey, listen. If you want to come to work with us, you want to come to our next workshop and actually roll up your sleeves with us. Let us set up your systems, do your marketing, give you a scorecard, and let us help you by holding you accountable to that scorecard. Then reach out to us. Let us know that you want to work with us. Go to… One of the websites you can go to is coachjoe.net. Coachjoe.net. We also, we did a video just a month ago showing you how we did over $155,000 in assignment fees, on with sellers that we never talked to. We didn’t do any direct mail. We did a case study video showing you how we did the marketing, how we pulled the lists, who did the work for us, how all the systems we used and all that good stuff.
Joe: It’s a 30, 45 minute video. You can go watch it and we give you all of the details of what we did. You’ll learn something valuable out of it. And then what we will… We’re hoping you get out of it is maybe it’s even like some ideas of what you can do. And if it overwhelms you, if you say, man, that’s awesome, I’d like some help setting all of that up and doing it for me, then there’ll be a link on that page. So the website here, I’m gonna give you, write it down.
Joe: Go to virtualcasestudy.com. Virtualcasestudy.com, you should have a page where you’re putting in your name and email. Watch the video that Gavin and I did and there’ll be a button below that video where you can apply and we’ll get on the phone and talk to you and see if we’re a good fit for each other, cool?
Joe: Alright. Anything else, Gavin?
Gavin: No, that’s great. Just go ahead and do it. Implement it. Scorecard.
Joe: Get a scorecard right now and then go to virtualcasestudy.com or coachjoe.net. We’ll see you guys. Take care.
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