A few years back, when I first found sales funnels and online marketing, I coined a silly catchphrase with my friends...
Stop Chasing Shitty Prospects
Posted on August 12, 2018
It’s no secret that salespeople like us can be hard headed. Some of us have to learn the same old hard lessons, over and over again. Have you ever noticed that you have to work 2Xs as hard to get the shitty prospects to close vs. the time you spend to get your best customers to close?
I first noticed this in the mortgage business. If I had a client with A-Credit and good money it was an easy, slam-dunk deal and everyone was happy. If I did an FHA loan for someone who didn’t easily qualify, I’d have to work a hell of harder usually for a lot less money. I’d have to follow up more, re-close again, work on extensions, etc.
One day, I went to my mortgage mentor and told him about my problem. He simply said, “Stop chasing shitty prospects.” We loaned money out, and although we weren’t the only gig in town, we could pick what we wanted off the top and keep moving. I started passing on tough deals and referring them over to other LOs. I stuck to the cream-of-the-crop easy loans, from the leads I generated and closed a deal every single day I worked. Most days, it was multiple deals.
My time was better served by doing this. I could take an A-Tier app and spend one day on the loan, or 30 days on a tough deal. I chose the easy path (after years of doing it the hard way) and started scaling up my mortgage pipeline. Eventually, I hired an assistant to do the paperwork and I just focused on lead gen and quoting rate/payment. This freed up even more of my time to work on the pipeline and led to my volume skyrocketing.
As salespeople, by nature, we are people pleasers. We want to make everyone happy, but when you try and help some people, they take more of your time and time is the only thing you can’t get more of. Also, once you’re good at managing time, it makes you unstoppable.
The same goes for my real estate investing business. When I see a deal that will take three months to rehab and six months to sell, I usually pass on it. I like deals that are priced right, are in a good location, and are easy to rehab. This makes for faster turn over of my money and helps grow the capital reserves at a faster pace. In other words, “we flip the money faster.”
I follow this strategy in my online coaching and training business, Break Free Academy, as well. We focus on helping the people who are willing to take action and work, vs. the people who are needy and unmotivated. It makes our masterminds better and it keeps the power of the network strong.
Are you working 2x harder or more on tough prospects, but you want to work only with well-qualified people? The key is lead gen. The difference maker is the offer. For example, if you are a loan officer and you talk about how you can get bad credit deals done with almost no money down, those are the people you’ll get. If you only make offers to help top-tier people that’s all you’ll get as well. It’s all in how you present your offer.
Also, you gotta know your audience. You can’t mail out refinance fliers to a trailer park and expect quality prospects. If you want good prospects, you need to know where they are, how they think and what they want. This is how you craft your offer. If you don’t have a sales funnel up with that offer on social media, go to Training.Phonesites.com and learn how easy it is to set one up. You’ll also get $8100 in coaching and training just for watching the free video.
What it all boils down to is finding your audience and matching the offer. Once you have those two factors dialed in, your time will get a lot more abundant and your deals will get a lot easier to close. Faster money = fatter bank account.