| Ok...I probably gave this one away. If you are a | | | | money because most people don't know about |
| real estate investor looking to do more deals and | | | | investing with you, don't know how to get more |
| grow your business and you answered True - go | | | | information about investing with you or know the |
| to the head of the class. For everyone else, it's | | | | steps to placing funds. If you think of private |
| time to go back through a review. | | | | investors as your customers, you can start using |
| Very few investors know who their target | | | | the following checklist: |
| customers are when it comes to their operations | | | | Attraction - how are you attracting them? Are |
| (e.g. flip, wholesale, apartment). Therefore, it's no | | | | you targeting? If you had a hunting supply store, |
| big surprise that they don't know who their target | | | | you wouldn't advertise your weekly specials in a |
| private investors are and, more importantly, that | | | | magazine focused on animal lovers, so make sure |
| private money investors are their customers. Or | | | | you are aiming your messages in the right |
| clients. Whatever you want to call them, they | | | | direction |
| should be "A #1 important" at the top of your list. | | | | Customer service - are you providing good levels |
| Think of yourself as having a retail store. The | | | | of service to existing and prospective investors? |
| product you sell is your investment opportunity. | | | | How quickly are you returning phone calls? How |
| Your goal is to sell as much as possible, of course. | | | | often are you soliciting referrals? |
| How would you set up your merchandising? How | | | | Follow up - are you following up with contacts? |
| would you bring people to your stores? How | | | | After meetings? What about other |
| would you interact with them once they arrived? | | | | communication? Remember the old adage in sales |
| How would you follow up with them once they | | | | that goes something like: "the average customer |
| left? What would you do to ensure that they | | | | buys after the 5th-7th call? Well, if you keep this |
| sent their family and friends to you?There are far | | | | in mind you can set your private money goals |
| too many real estate investors who want private | | | | correctly. You may not get them to write a |
| money, but their store is open for about 1 hour a | | | | check after the first time you talk to them, it |
| every other day, the lights are dim, the place is a | | | | might be after the 3rd or 4th time you talk to |
| mess and nobody greets them when the come in | | | | them or they get something from you - so follow |
| and it was a matter of sheer luck they even | | | | up is important. |
| found the store. This is a recipe for a store being | | | | When you starting thinking of private investors as |
| out of business - quickly. Would you run a store | | | | your customers, and raising private money as a |
| this way if you owned one? Hopefully not. Why | | | | marketing process versus a financing process, |
| treat private money as any different? Why turn | | | | you'll have a flood of new investor money in a |
| away investors, or worse, have them not even | | | | hurry. It does require you to shift your thinking |
| know your opportunity exists? | | | | just a little bit - but the rewards are well worth it. |
| More often than not, you aren't getting private | | | | |