You’ve heard of the Pareto Principle right? If not, it’s the 80/20 Rule that economist Vilfredo Pareto developed through his research.
I bet you haven’t heard of the 20/50/30 Rule, though… right? It works hand-in-hand with the 80/20 rule for leads and is more centered on lead qualification.
The basic premise is this:
20% of the prospects that you contact will do business with you easily. There are several reasons why, but the rules on handling them are the same regardless.
- Get out of their way, and make it as easy as possible for them to do business with you.
- They believe what you say is true and have an overall good feeling about you.
- They believe you are skilled at what you do and trust that you can deliver what they need.
- These types of leads are like Gold – get out of your own way and get to the point.
- What should you do? Close the deal!!!
The next 50% of prospects are on the fence. They could go either way, and you have to work with them to make sure they fall on your side of the fence. Here are some ways to help your cause:
- Make a compelling presentation with confidence.
- Make sure you tailor your presentation to fit their individual behavioral style.
- Help break the ice with them, so they actually begin to like you.
- Make sure that you communicate effectively the benefits that you bring to them.
What should you do? Close the deal so that you can then move them to the 20% that will do business with you easily.
The last 30% of prospects are problems waiting to happen. Their characteristics are:
- They are highly demanding.
- Usually have limited respect for you.
- You will expend tremendous energy with them.
- You will expend huge quantities of time with them.
- What should you do? Throw these leads away – the conversion rate is too low, and the energy wasted is very high.
So, what does this have to do with Foreclosures and the anatomy of the perfect lead?
Well, folks who are in Foreclosure (or some state of it) are very motivated. Most of them are in the 20% group, and the ones that are in the 50% group are often won over very easily with proper positioning of yourself. In other words, if you can establish yourself as the Foreclosure expert in your area, you will get their business.
How do you become an expert? Find out below…
So, if you are tired of your competition and are interested in carving out a brand new niche for yourself that 99% of Agents don’t know about, you can find out how by visiting our website.
>>> Show Me How! <<<
Regardless of how you start or started working with Foreclosures, I highly encourage you to invest in training along the way. I have personally gained thousands of dollars in Real Estate Investing Profits from and investment of less than $20 in a book.
Keep on Learning and Keep on Investing,
Dan Matejsek, VP
P.S. If you’d like to get a bigger piece of the Foreclosure Real Estate Profit Pie, start Foreclosure Investing on your own behalf, and would like some very affordable, excellent training click here.