October was a bit slower than our previous months, but there was still a lot of progress to be talked about!
Let’s Dive In…
On The Flip Side
Before we get into the details of new things happening, let me first give you an update on the projects that are currently active for our company.
Our project in Lansing is moving along smoothly and is turning out to be a very eye catching renovation! We picked some brand new finishes for this home which can be a bit nerve wracking, but as it’s coming along, everythings looks just as beautiful together as we’d hoped. In the recent weeks we have completed all of the tile work in the bathrooms as well as the painting. All of the exterior work has been completed as well. Our next steps in the process include installing the hardwood flooring, finishing the kitchen, and finalizing all of the details!
We are projected to complete in two weeks! Keep an eye out for a case study soon, where we will invite you to come through our renovation and we will walk you through the project as a whole, from acquisition to completed renovation! This is a great way to learn how to flip houses yourself and meet other real estate investors.
(Here’s a peek at some of the new tile we picked for the basement bathroom)
The property in Palos Heights has also gotten a face lift. So far we have removed all of the old shrubs and trees have been trimmed, new roof installed along with new gutters, and bathrooms prepped for tile. There will be a lot of progress happening there within the next 4 weeks as well, so I am very excited for next month’s’ post to give you those updates!
Now onto the new deals in our pipeline. Our most promising deal is the off market lead we have under contract to close in Oak Lawn. The property is a 4 bed 2 bath house approximately 1450 square feet with no basement. We will be doing a full gut renovation to bring the property back up to pristine condition with new siding, roof, windows, mechanicals, and iCandy Homes style finishes! This one will definitely be a transformation. We can’t wait to share the pictures!
The last thing I wanted to go into more detail on this month was about our experience with the importance of following up with leads. We all know that finding new leads is definitely a great way to get closer to your next deal, but going back through your older leads can be just as profitable.
Think about it – how long does it take you to find a new “lead”? Twenty minutes? Thirty minutes? One hour? Now think about how many leads you have left that are untouched for any reason from a seller rejecting your offer at the time or just plain no response to your offer. Take that number of leads and multiply it by the amount of time it takes to get that lead and you will find quickly that you have a lot of time invested into those leads!
So here is my suggestion.
Plan for yourself once per week to go through your past leads and find any that still have not sold (I typically allow the property to sit on the market for about 30 days before reaching back out).
Send an email or make a phone call to the agent or owner and ask let them know who you are, that you submitted an offer on the property X weeks ago, and that you are still interested in buying the property. The more time passes without a sale, the more interested they become in your offer!
Third and really the first step is find a way to organize your leads (if you haven’t already) so that you can make the most of your follow up. That can be using a CRM or setting up an excel, etc.
We are currently using a CRM (Client Relationship Management) program called HubSpot to help us keep our leads organized and our follow-up game strong. The platform allows you to customize your “pipeline” or your deal flow however you would like to best track your leads. It is a totally free program as long as you only use the CRM side and not the marketing side.
Education & Events:
This month at the Chicagoland Real Estate Connections Club meeting Dustin spoke on one of our keys to renovation success. He talked about how we utilize fully the time between getting a signed contract and signing the final paperwork at the closing table. There are quite a few key items done during that time frame that greatly affect the profitability of our deals and he did a beautiful job explaining the How & Why!
A replay will be available soon.
There were no other events we held for others in October but we continued our own education this month and you can find a Mini-Class Monday or two on our facebook page here.
If you haven’t already be sure to like us on facebook. We regularly do facebook lives and share more of what we’re working on and learning in real time! We’d love to see you over there on our page!
This month we recognized that following up on “Old” leads can be just as beneficial as finding new ones, if not more beneficial for your business! We sent out fewer offers this month but increased the amount of follow up we were doing on offers already sent. During this month we ended up getting a handful of properties under contract and now two that we’ll move forward on. The first is a short sale in Evergreen Park, the second is an off market lead that looks to be a slam-dunk deal brought by one of our contractors! We made incredible progress on our properties purchased earlier this fall and we’ve continued our growth as a team this month, executing better than ever with help from our coach Meir Ezra.
All in all, October has been another month of progress for us, even if it is in slightly different ways than we anticipated. We have new targets set for November with our lessons and gains from October coming with us!
Happy Halloween & We’ll See You Next Month!!
The iCandy Homes Team