Call Your Babies

“Well how long you guys gonna wait to call your babies?”

If you’ve ever seen the movie Swingers, that line should ring a bell. In the dating world it refers to how long to wait before calling a girl (or guy) after getting their number? If you call too early, you’ll look desperate. Call too late, you’re not interested. Vince Vaughn’s advice: 6 days.

When you’re trying to make the right first impression with a potential mate, 6 days might be just right. But if you’re following up on a motivated seller lead or getting confirmation on an offer, 6 days is a killer.

Rule number 1: Good leads are like fish. After 3 days they start to stink.

People calling an investor to sell their house know they’re not getting top dollar. They call because some other motivation trumps price. Usually they need to sell faster than the traditional route. Every second counts.

If you can’t pick up the phone when calls come in, chances are that sellers are going to call your competition. They might anyway. But taking live calls gives you a foot in the door when the right deal comes along. If you can’t answer immediately, call back the same day.

Spending money on marketing doesn’t make much sense if there is no follow-up. That leads me to rule number 2.

Rule number 2: Make the seller come to a decision.

There are few things worse than getting strung along by a seller. Open ended offers are killers. Whenever an offer is presented (whether through an agent or directly to a private seller), put a timeline on it.

When I present my offers, the seller knows that I have limited funds. I tell them that I have money set aside to complete x amount of projects this month. I’d love there’s to be one of the projects, but I can’t wait forever. If they aren’t ready to sign on the dotted line today, then I’ll leave my contract with the understanding that I may have to withdrawal the offer if they respond after the expiration date.

The timeline is important for a few reasons. First, it limits the seller’s ability to shop your offer around. Second, it brings the seller to a decision point. Third, it allows you to move on to the next deal instead of crossing your fingers for a phone call.

If you have not heard from the seller as the expiration date approaches, call the seller. Find out what’s going on from their end. Then remind them that you may have to move on.

Mastering the art of the waiting game pays dividends. Whether you’re waiting for a call from a Real Estate investing lead or from that special someone, timing is everything. Make sure you don’t wait too long to call your babies.