You wouldn't open up a new retail business selling clothes without having a full business plan in place first. The same way a retail business creates an advertising plan to assess their business needs and plan is the same reason real estate investors need to create one. It allows you to clearly state short-term goals, it helps you map out the things you need to do to stay on track and achieve this goal. It also allows you to set deadlines so everything gets done, and helps you concentrate on high paying activities like making offers on great deals.
Analyze where you are getting your deals from. By using a more precise targeting strategy you can improve your closing ratio and meet your monthly goals faster. Your monthly plan should Include all of you goals to ensure your success.
With this information you can look at your current resources, look ahead, and adequately plan out what you want to have happen, as far as deals and goal money to make for that month. For example, let's say you bring in around $20,000 per month and your average deal gives you $5,000. That's 4 deals per month and you net fifty percent of your gross after expenses ($10,000). If you want to double your net income next month you will need to do twice as many deals to meet your goal of $40,000 net in one month.
Most people fail in real estate because they don't have a master plan and goals. An investor should have a detailed plan of what they want to do, what they want to accomplish, and exactly how they will go about achieving this success. Examine your current numbers, more than 75% of all real estate entrepreneurs know how many houses they are buying each month, but they don't even know where those houses came from and how many leads they had to process to develop them into the single deal. This is a golden rule. You should know; The total leads that call each week as well as where those leads come from. Know how many "qualified" seller prospects you get each month. The ratio of total vs qualified, the number of deals you have closed, as well as the ratio of closed deals to qualified leads (from each lead source). And last how much you make from each seller vs how much it cost you to acquire a new seller.
For more detailed instructions and guiding on how to be more successful in real estate go to http://www.discoverforeclosurefortune.com
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