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Automating Your Real Estate Business with Robert Syfert
Robert Syfert has been in real estate full time for about 4-5 years now. For over a decade, Robert has been involved in all aspects of real estate. His introduction started in the early 2000s, working as a loan officer and eventually coming to own his own branch. From 2007 to 2014, Robert was an investment advisor in charge of portfolios valued in excess of $2 million and he personally handled more than 300 estates.
It was natural with this background that Robert found a passion in real estate investing. He began investing in real estate throughout the Detroit Metro area. Within a short time, his portfolio grew to over 30 rental properties to now where he has sold over 220 investment properties, and managed over 400 rental units. Real estate investing is his full time profession.
After years of being one of the leaders in the real estate investing industry Robert started Investorpo to offer investors access to the tools, processes, and talent needed to succeed in today's competitive investing industry.
- Robert's background
- What his team looks like
- Buying over the phone
- What his VA does
- On hiring people
- Their typical deal
- Their system
- How he compensates his acquisition people
- Finding their boots on the ground people
- Ways to find your boots on the ground people
- Tasks of a boots on the ground person and how they are compensated
- Making their phone ring
- About InvestorPO
- On automation
- Advice for people who are new and those who are scaling their business
- "He is basically separating the suspects from the prospects and then pushing them out to the right person."
- "Everyone is a sales person."
- "Nothing will stop you to get started."
- "The fortune is in the follow-up."
RESOURCES AND LINKS FROM THIS SHOW:
Larry: Welcome to the Brain-Pick-A-Pro show live from Lake Wylie, South Carolina. I’m really excited about our special guest today, long time friend, known him for several years, we’re on a Mastermind together and he’s just a mover and a shaker, he does a lot of different things, he is a software developer, wholesaler, turnkey, you know property manager, although we may talk a little bit about that, is my good friend Robert Syfert. What’s going on, buddy?
Robert: What’s up, Larry? Thanks for having me on the show. It’s a beautiful day right now, so that’s what’s up.
Larry: That’s awesome. That’s awesome. I don’t know if you guys could hear that noise but the lawn care people are mowing the yard at the office and they just went right by my window.
Robert: Yeah, I thought I heard them, like that sounds familiar, but my guys came yesterday so it can’t be them.
Larry: I know right? Well we were chit chatting before we started recording and I was hoping they were done because I heard them every once in a while but apparently not. Here they come for another pass. Alright.
Robert: Yes. Probably getting close.
Larry: I know. Let me turn this way at least. So, why don’t you start out and tell our listeners and viewers a little bit about yourself?
Robert: Yes. So I have been to real estate full time for about four or five years now and prior to that had a history in the finance industry and a ton of different sales so I’ve done door to door sales. I have done sales at all kinds of levels if you name them, I’ve probably been involved in it from ADT, to personal training gyms and primarily finance for the last several years before I got into real estate, studied real estate. I’m one of those guys that read every book possible, did all the things and just never took the action. I didn’t feel I knew enough until the day where I’ve decided I’m talking to a lot of real estate people and they don’t really know anything. I should probably just get involved and then learned more doing real estate than I ever did in the 10 years reading it. Done hundreds of wholesale deals in Michigan, primary where I was born and raised, turned that into a turnkey business where we bought and renovated and sold rentals which turned me into a property manager as a result and that which is a whole other story. Evolution of all of that expanded into Tampa, Florida, moved my family down here and as part of that, it’s what really got us into the software and developing software. It really started as a building a software for us that would allow us to scale and expand markets and be able to control all of the backends, systems, and processes and team that way. Once I got into some of the Masterminds we’re in, that just opened the door that hey, you have something that no one else has that. How do you do that? I don’t know, we just built something for us because you’re right, there wasn’t before we did all of this, so we wanted to do it. That turned into having a conversation with my now CTO and realizing that this is a big opportunity and we’ve built something pretty unique here and we could turn this into a multi-user platform and so we did. That’s what got me into software. Now, really just going back to our roots. We still do turnkey into perspective with some partnerships but we primarily focus on wholesaling in two markets, Michigan and Florida. Our two main markets right now.
Larry: So you just moved down to Tampa not too long ago, huh?
Robert: Yes. I mean it’s been a few years this winter, but just started doing Tampa business about a year and a half to two years ago.
Larry: That’s cool, man. That’s good. So you’re in a couple of different markets. Tell us a little bit about what your team looks like on the real estate side.
Robert: Yes, so right now we have one VA that essentially just manages all the stuff that comes into the system and then checks it out to where it needs to go. From there we have, I guess you could call, a person I brought in as a partner and technically like the COO of everything.
Robert: Underneath him we have, I think we just hired our third salesperson. So, we have two dedicated full time sales people now. I think we just hired the third, and then in our markets we have a disposition side/you know, I believe it’s boots on the ground person that operates locally in the market, show buyers properties and doing little random stuff like put out signs and stuff like that, but that’s it. Pretty small team. I’ve had a team way bigger than that where we’re doing turnkey but as we spoke earlier, I’m kind of downsizing all of that, getting rid of management, so I got rid of a lot of those team members and our little rehab headaches, etc.
Larry: Awesome. Now, does your sales, and I just want to clarify, you said you have three sales people now, those are really on the acquisitions.
Robert: Acquisitions, yes.
Larry: Right, right. Okay good. So, do your sales people, your acquisition people, do they go to the house or they do it over the phone?
Robert: We do it all over the phone. So our boots on the ground person if necessarily, can go to the house with a contract but nine times out of ten, we’re buying it over the phone if we can.
Larry: Yes. Now, I really like what you mentioned about you’ve got a VA that kind of manages all the data coming in. Talk a little bit about that because that’s something I’m personally even interested in because, I mean, right now, our phone rings probably 200 to 300 times a week, right? And we’ve got a very, very small team, right? So even sometimes, I take those calls, right? But I mean, I’m right in the thick of things, you know. Tell us a little bit about that VA and what they do.
Robert: So we have some marketing that does go directly to our sales people and in that case, the VA is not involved unless one of the sales people missed a call and it turns into a voicemail so if we don’t live answer, it goes to voicemail.
Robert: The voicemails would end up getting tagged into our system where we go listen to the message and essentially transcribe all those messages. So daily, he just logs in and sees does he have any task in our system.
Robert: If he has a tasks, it means he has something new. He has a message to listen to or he has some form of marketing that we have that doesn’t go direct to sales people because we do some online marketing as well. That doesn’t go directly to the sales people. That goes to him to qualify first.
Robert: From there, having ended up with sellers or buyers, he spends you know a couple of hours a day just focused on communicating with all those new contacts and determining really at that point, we call that contact qualifying, and all his goal to do is qualify, is this a potential seller that owns a property, if so, what’s that address, putting that information and turn it into a lead; or it’s not, then kill it in our system so we stop follow up. Outside of that, he just lets it run because our system will do all kinds of follow up for him. Then with buyers, he just clarify that they go to the right place, if they’re actually a buyer that are interested in something. If so, then he escalates it. That’s it. His only goal is to qualify it, is the contact that came in an actual lead or not, and then from there, he just kicks it over and let sales people take over.
Larry: So he is basically separating the suspects from the prospects and then pushing them out to the right person.
Robert: I like that suspects. Suspects versus prospects. That’s a good one.
Larry: You like that. That’s good. That’s good. That’s awesome. That’s a virtual assistant. Are they in the US or out of the country?
Robert: Oh yes. This one, he actually lives in Vegas and he just worked part time for us outside, I think he works for the UPS full time and then worked part time for us.
Larry: Oh, that’s cool. Now, is he taking live calls or your sales people or your disposition are taking the live calls?
Robert: Yes. The sales people and dispositions and acquisitions, they take all the live calls. He doesn’t take any live calls. We played with all that but he’s better doing the background stuff.
Larry: Sure. Sure.
Robert: Also with text messages and emails but that’s it. He doesn’t communicate on the phone.
Larry: So once a person becomes a prospects versus a suspects, so he assigns it to someone and then creates a task for them. I would imagine, right?
Robert: Well the great thing is that’s even more simplified in our system. He literally just says this suspect is now a prospect or that contact is now a lead, the system automatically has all of that already programmed to it automatically knows who that goes to next and assigned them a task. So all he does is click one button. He just verifies it’s a lead, clicks the lead button, and that’s it, he moves on to the next one and they get their task, letting them know they got a new lead they’ll manage.
Larry: That’s cool, man. I really like that. You do have a phenomenal system. You’ve shown it to me. I’ve seen it. I know what it’ll do. It is a phenomenal system. It really, really is and we’ll talk about that too. So, tell us a little bit your acquisitions guys. You got three. Do you like to hire experienced people or do you train them in real estate or just experienced sales people or telemarketers or what?
Robert: They’re all girls and the current ones that I have, that we have, we’re all experienced but that’s because I’ve partnered with the person that already have the sales people and all of them came from no real estate background. They were just brought into real estate, taught real estate. I think that would be my preference. We’ve hired in the past. I find that when you’re hiring people that necessarily have real estate background, you know, I could go either way. There are to be a purpose for hiring someone with real estate knowledge. With that, also potentially comes bad habits they may have learned somewhere else and are wanting to do it their way, right? They’re going to be more likely to be competitive with you about how your operations should work versus someone coming in and having none of that knowledge, you know, they’re open. They’re not going to fight you on the process that you have developed. I do like people with sales experience, some sort of sales experience, but I’m open to it doesn’t matter because truth be told, in my opinion, everyone is a sales person. What I mean by that and what I was told early on is, you’ve been selling your whole life whether you know it or not, every relationship you have, every friends you have, every relationship you’ve been in, that’s a sale. Sale occured. You sold them you. That’s really all you do in sales, sell yourself, it’s a person to person sales. We are like, are they personable, communicable, friendly, happy? You know, that’s the kind of things we’re looking at, more importantly do they fit our core values. If they do, then we will at least move forward and progress from that one.
Larry: That’s really cool. Now, do you guys have an office or is everyone virtual?
Robert: I’ve been mostly virtual, but sales people are now in an office down in Florida.
Larry: Okay good.
Robert: Everyone else is virtual.
Larry: So your sales people in the office in Florida, are they buying in Tampa and in Michigan?
Larry: Okay. That’s cool.
Robert: They’re virtual too. They do have an office they can go to but we don’t you know lock them up and say you got to stay there. I mean, if they want to run their day, they run their day and everything transfers to their cell phone anyway so they can answer wherever they are at.
Larry: That’s good, man. I love it. What does a typical deal look like for you guys.
Robert: So now a typical deal is going to be usually, we do mostly under 100,000 dollar properties just seems to be our bread and butter. The occasional ones that pop over that, but really a typical deal for us is going to be either a landlord who no longer wants to be a landlord. Let me give you an example, we just sold a few of those this last week that were landlords, tenants are gone, they don’t want to fix the house. Right? We contracted it where it is at. We’ll take it as is. We turn around and we have a ton of buyers in our list that are landlords that want to place their own tenants and or handyman that want to do their own work and save money, so that’s a typical deal and that’s a Michigan typical deal. Typically, we’ll probably average about eight to ten grand and a wholesale on a deal like that and then in Tampa, typical deal is still under a hundred or around a hundred grand, maybe under 150 is a little bit more typical price points or a little bit higher in here, but similar situation. Most of them used to be investment properties, landlord doesn’t want to be in that business anymore. We target those as well. We get occasional flip properties that are under 150,000 or around that price point that are just really good flips where you could go either/or. They could be flips or rentals and average money on a Tampa deal, that was about 18k.
Larry: That’s good.
Robert: Yes. But, you flip it on the marketing side, right? We have twice as much cost for an acquisition, going into a deal in Tampa versus Michigan so it’s kind of washes itself up, so to speak, over the long term.
Larry: So what you’re saying is it’s a much more competitive market so you have to market a lot harder and spend more money to get a deal?
Robert: Yes. The process is a lot per lead per contract in Tampa because it is a lot more competitive market than Michigan.
Larry: Right. That makes sense. That makes sense, and they still do it all over the phone even in Tampa.
Robert: Yes. They’ll get in the car if they have to to go to an appointment but that’s more of a, you know, one out of ten kind of scenario.
Larry: Yes, and that’s kind of the way we are too. Occasionally you have somebody that, you know, here’s my address come by and see me if you want to talk to me, you know?
Robert: Yes. If they can’t turn that person then they’ll go to the house. We’re not going to lose a deal over that, we’ll switch gears and go, but otherwise if they can get it over the phone, we’re getting it over the phone. Much easier.
Robert: Right? They can talk to more people sitting at a computer, you know, that than driving, if they don’t have to.
Larry: So, Robert, once they get somebody that says, yes, okay, I’ll take 30,000 dollars for this house, then what’s the next step for your guys?
Robert: Next step for us is click a button, right? It’s really that simple. Click a button, enter the rest of the details, what’s your contention, when do we close, and who is paying closing costs, you know the basic terms, and then click button and send it to them. They sign on e-signature, typically.
Larry: So it goes out by email. Okay, cool, cool. That’s a part of your investor PO system, right?
Robert: Yes, we just literally click it. Like what I said, we just click a button.
Larry: Then it generates the contract and then it emails to them. If they don't have an email address, what happens then? You either snail mail it or you send a mobile notary?
Robert: Yes, we’ll do that if necessary. In our system too, if they do have an email, we not only send it to them by email but we also send them a text message with a link to sign too, so they get both.
Larry: That’s cool. I like that. I’m going to write that down. I didn’t even think about sending it to them in a text because now people can sign with an app by doing this, right? Right on the phone.
Robert: Yes. So many people are mobiles. Everything in our software is mobile friendly and as part of that, actually it was just that one of our community said, hey can we customize our system to send a text message too? And we’re like, that’s a really cool idea. How about we just make it for everybody. So, we built it in and now we just tell them, hey you go on your phone, click the button, view the contract, click the buttons to sign, and as soon as they sign it, it updates our system, notifies our disposition side that’s it’s time to market the property and then that’s obviously the next step. Our system pushes it through and then we market all of our buyers from there. Now we do a couple of extra things because we’re always actively getting new buyers, so at that point, the dispositions person types up the description of what we’re selling, you know, 3-2 empty house needs TLC, that kind of stuff. Loads up any photos that we got because after the contract, we’ll go and inspect the house and grab photos. That’s what our boots on the ground guy will do. At the same time, he’s doing that once he’s grabbed all the photos, he’s going to start placing signs around the area. Just handwritten bandit signs to gather more buyers in that local market and then we email, text blasts, and we have a single-page website all created by IPO, or software investor PO, creates all of that, and then we do all the marketing plus taking in new calls from the bandit signs and then sell it. Of course.
Larry: That’s awesome, man. It is a system in a box. That’s pretty cool.
Larry: That is really cool. Do you mind sharing how you pay your acquisition people? I have a lot of people watching the podcast. They are like, I would like to learn the details about how people, you know, build their team and what they do and their compensation and all that stuff so that’s why I’m asking these kinds of questions too.
Robert: Yes. Absolutely. We’re an open book so we pay them straight commission. I have done everything in between though, right? We paid flat fees per deal, I’ve done small salaries with fees and commissions. I just find that, and coming from sales belief, straight commission is typically the best with sales people. At least the sales people, they’re going to flourish and do well. They’re the ones you want to keep anyways.
Robert: I don’t mind the small salary. It’s not a bad idea too for people that are successful, but we pay straight commissions so we pay a percentage based on every deal. So, every deal that we take down, we take a percentage off over the top to compensate for our marketing budget and remarketing for more stuff. I think we take somewhere between 10 and 15 percent. And then our sales people, the acquisition side, I want to say, because we have a couple little numbers and they’re depending on if someone else went to the house to get the signatures, we pay them too, it’s all structured in; but let’s just say on the acquisition’s side we’d probably pay out 25% of the after marketing fee deduction to everyone involved in the acquisition. So that could be one person that gets all of that or that could be up to two people, depending on if a phone person took the call and someone else had to go to the house and they’ll both get paid, different percentages, depending on what they did. We do the same thing under dispositions side. We pay our a commission. The commission structure there, again, it could be as high as 25%, so we pay upwards to 50% of the deal, that’s not 50% of the total deal, that’s 50% after the 15% deduction.
Larry: Right, right.
Robert: That depends. So there are some factors in that 25% on the dispositions side. Is it a new buyer that wasn’t in our system before. If so, the commission is definitely going to be higher. If they’re already in our system, then they didn’t get generated from any new activities, so the commission is a little bit lower and then did they have to go to the house, did they not have to go to the house. We had it all broken down into small percentages for each piece of that so that we could also break it out into different people having even smaller job roles within that as we start to scale more.
Larry: That’s good, man. That’s really good. I like that. It sounds like the net result is very similar to what we do. We take 500 off the top and we pay 15 and 15.
Robert: That works. I like that too.
Larry: It’s pretty simple. So, a lot of people ask, how do you find the boots on the ground person. You know, I’m in Las Vegas and you know, I want to buy in Alabama but I don’t know anybody in Alabama. Tell us a little bit about your boots on the ground people because you have somebody in Tampa as well as somebody in Michigan.
Robert: Yes. So, I kind of have an advantage in that so I will be clear on that. I am from Michigan so that was easy. I already know people, right? It became my first virtual market, but not by accident. I lived there. I grew there. I grew a business, and then I moved to Tampa and ran it virtually but I already had people there.
Larry: Right, right.
Robert: Now, I’ve lost all the people that I had and started all over again being in Tampa and you know some things that happened this year. So, how we got the new person ended up being someone in our personal network. So the gentleman I partnered with that runs all of our sales operations actually had a friend who lived in Michigan and wanted to get into real estate. I would tell anybody, first look around your circle or influence or the people that you know. Just tell them what you’re interested in and you may find someone in your circle of influence already know somebody that’s interested in doing the same thing or is already doing something. In that case, start with that person as your boots on the ground, right? And then in Tampa, we have the sales people. If they want to run there, they can run there, we’re local here so we can find somebody or do whatever, yes I’ve linked to a couple of houses, not traditionally something I do but could if I had to.
And then the next evolution, if you can’t find somebody in your network, then the next thing that I would recommend doing is getting on Facebook. Facebook is a huge community. There are lots of wholesaling groups everywhere so just do a search for the area that you want to do business in. Really the word real estate, so Alabama in that case, I would type in Alabama Real Estate and look at all the groups that pop up. Tag all of them and then put that out there. Hey, I’m looking to do business in Alabama. Is anybody living in Alabama and want to do business with me?
Larry: Yes, I need a boots on the ground person.
Robert: Yes. That’s it. Then have conversations, right? In interview process, have conversations or something else you could do for boots on the ground that we’ve done in the past also is there’s a national company called We Go Look. So WeGoLook.com, I think it’s 50 or 75 bucks, anywhere nationally just go right on their website, put it the address and they’ll go inspect the house for you and send you back a report with photos. So, we’ve used them a lot too for our boots on the ground, if you don’t have somebody and just wanted to get started. You can see if the market is a good market for you. Nothing can stop you from getting started would be my point. I would look for someone else, and use WeGoLook in the beginning because as you know, until I start marketing in that area, and talk to sellers and/or buyers, I don’t even know if I have a reliable business yet. So don’t let not having a boots on the ground prevent you. There’s a national company that can go and look out a house for you anytime, get started. And then you could also, I have heard of, haven’t personally done yet, but definitely something and a potential for us, is just calling a local agent. Try to find a local agent that you can work with. Do a Google search for agents in the area that you’re going to do business in and call the first 10 that pop up on the website. Probably pretty comfortably you’re going to find one of them willing to work with you and go do the inspections and go see the properties. If you’re going to pay them, that’s part of the deal.
Larry: That’s awesome, man. I love that. I love WeGoLook too. There’s another one out there called BPOPhotoFlow. It’s actually a field service rep BPOPhotoFlow. Number one, they’re cheaper than WeGoLook but also, they work for asset managers so if you’re buying like a HUD house or a house up the MLS and it’s a bank-owned property, they already have keys to the house anyway which is pretty cool.
Robert: Oh, I like that. I like that a lot. Yes.
Larry: That’s pretty cool. I actually found them, Robert, by looking on Craigslist for somebody and I saw there was somebody else from there and had been looking for a local person and it was this company. So they’ve got people everywhere.
Larry: Yeah, so that’s pretty cool. So tell us a little bit about all of the task and how you would compensate a boots on the ground person?
Robert: Yes, so boots on the ground can get compensated in multiple ways. I’ll give you our perspective. It doesn’t mean you can’t do it differently of course, so we pay them a percentage of the deal if they are, number one, if they have to go to the house and the acquisitions at all. I don’t remember the exact percentage breakdown but I want to say that that accounts for maybe 10% of the acquisition. Let’s say.
Robert: So if they go to the house for the signature and they never talk to the person, so someone in our phone team did, then they’re going to get about 10% of the deal from the front-end part of it. If they sold the house, there if they went and put out signs and we’re getting phone calls from signs, I think we pay like 5% of the disposition side just getting signs up to bring us new buyers. Then the other 20%, I want to say it’s broken down into 10% if somebody is already a buyer in our network and 20% if it’s not. An additional 10% if it’s a new buyer, they got to go meet them at the property. If it’s a new buyer, we’d like to meet them if at all possible so that we can develop a relationship with them, because we try to do our best in building relationships with our buyers. So, a little bit different, like we’re not looking for you know, somebody who just wants to buy a house and then we can just put them on the list and blast them, that’s cool and it works, but we take it to another level. We want to meet them. We want to learn about their family, their needs, their wants, we really want to build a relationship with them because we want them to buy for us throughout the year and years. They’ll introduce us to their family and friends who may want to buy as well.
Larry: Sure. That’s really cool. I like that. So you’ve got different structure. If they go get the docs signed, if they put out the signs, if the lead comes in from one of their signs, and that sort of thing, and then they’re going to meet the buyer at the house, walk them through the house and get to know them.
Robert: Yes, if at all possible. Of course we do have some out of town buyers that just buys site unseen and that’s it, but more often than not, either the person is there locally or they have a boots on the ground themselves and we’re going to meet that person and develop a relationship and find out what else they like.
Larry: That’s good, man. I love it. That’s some really good stuff. Now, how do you guys go about making the phone ring?
Robert: Several things. We transition depending on what’s working well. So, we have done direct mail. Currently, only direct mail we do now it’s very highly targeted. So we use another software we have for stalking our lists and then going after the higher motivation people in addition to that, we’re currently doing some ringless voicemail. So we’re doing ringless voicemail drops. Actually, we’re testing something right now. We’re testing ringless voicemail drops to agents. Have agents bring us their pocket listings and off market. I couldn’t really tell you where that’s going to go yet but we’ve seen some initial good response in one of our markets. The other market not so much. We love to run tests and see what’s working. We use bandit signs. Bandit signs work. So, we like those. Especially when you’re in the under 550 or under 100,000 neighborhoods. Bandit signs work really effectively for ringing the phone.
Larry: Do you have your boots on the ground guy put them out.
Robert: Yes. We have him put it out and then he gets a percentage of the deal based on that because we track all that so we know that it came in from that and he’ll get 5% of that commission as part of the acquisitions side if the call came from that lead type. And then the other thing that we’ve done in the past and we’re about to turn back on is cold calling. We’ve played with. We hired it out. It was pretty effective. We took it inhouse and did it with Mojo ourselves and we weren’t that effective and then we stopped it for a while and now we’re about to turn it back on and hire it out again, and then online pay per click. You know, there’s always so much value you can do with online pay per click.
Larry: That’s good, man. It sounds like you got a lot of leads going on. You guys must be doing a pretty strong volume. That’s awesome.
Robert: We do a good decent volume but then also the marketing fluctuates, some months some of what I just said we may have shut off just because it’s too much or we’re training somebody or can’t handle influx of calls so we’ll slow it down and focus on what we have. I think we average anywhere from 8-10 deals a month. You know, usually, typically.
Larry: That’s sweet. You got one disposition guy that sells them all.
Robert: Yes. And/or that’s something I’ve still been fairly involved in if anything just because before we ever had a dispositions person, I’m the person that built most of the relationships with my buyers, so especially in Michigan. Most of them want to talk to me so we’re working on getting it to the, hey no, no, no. Yes. yes. That’s cool. You like the house. Awesome. How are the kids? Now, talk to our guy. He’s going to facilitate the rest of this all the way for you.
Larry: Now, I’m going to hand you off.
Robert: Yes, he’s going to take care of it for you and then hopefully I’ll be less involved as the time goes. So it just depends. If it’s a new person, I’m not involved in but a lot of times your VIP buyers typically buy most of our stuff and already have relationships with most of them.
Larry: That’s good, man. That’s good. These has been some awesome information. I know we’ve been kind of talking a little bit about some of the things that your IPO will do, InvestorPO. Tell us a little bit about that how people can learn more about that and about you.
Robert: Yes absolutely. So InvestorPO is lead management. We hate using the term in a box because it is so flexible for your business structure and whether you buy on the phone or you buy through appointments, but the easiest way for people to understand it is essentially a business in a box that modifies and molds to your business. Meaning, literally from the point someone contacts you from marketing which is already done through our tracking system, so everything is built in the IPO, right? You don’t need any other. The unique thing about IPO is you need no third party integrations to make everything work. It’s all built in so from call tracking phone numbers. We even have our own phone system where you can answer calls. You can call outbound from our system, you know, on your desktop or your mobile device depending on what position you’re in. From the point of contact all the way to getting the deal under contract and selling the deal to a buyer, all of it is built in an IPO so literally you think that your aid is the checklist for every part of the acquisition and selling over the property, that’s already built it. We call it tasks. Every tasks is already predetermined. Now, you literally log into the day, what tasks you have as you do them and you take an action which is a one click in our system. The system will automatically already know who to assign the next appropriate task in the checklist to, maybe you or someone else and what they’re supposed to do based on the action you previously took, right? Then everything in between. It tracks it all so it gives you a very high level KPIs, so from a business owner’s perspective, I have a system on a box that literally I could sign up today, it’s live in five minutes, put the phone number that’s in my system on a piece of mail or bandit sign people call in. It starts telling my team what to do and it’s already tracking so I can click on my report section and say, okay so I spent 500,000 dollars on bandit signs, we’ve had 10 calls so I have 50 dollar cost per contact. Right? As I escalate the leads, that will automatically break that down as you escalate all the way to doing the deal. It will break down which revenue and profit you’ve made so if you literally look at the business and say, okay, this is making me money. This is not. Let’s chop it off. So that’s why we know when to turn things off, turn things on, put more money somewhere else. It’s all determined by our reports that we look at.
In the IPO, the beauty of IPO is a couple of things for the relationship side. We socially profile every lead that comes into the system. So our system automatically scours the internet, looks for Facebook, Twitter, Pinterest, Google bios, information about your leads so that’s really cool especially on the buyer’s side. We automatically follow up with everyone and at different stages, whether they’re seller or buyer or just an agent or contact. There are automated text messages, ringless voicemail, emails and postcards that all go out to them in a sequence. So think of that as making sure that we have no lead ever lost or left behind. We have deals that maybe a year old in our system that contacts us back because they just got a text message and they say, you know I’m actually ready to sell now. I’m ready to sell at your price, right? A year ago, we talked to them and they had no interest kind of thing.
Larry: Right, right.
Robert: All that’s done inside the IPO. It manages all of our leads so we don’t lose any leads. The only way it’s dead in our system is the person died when they sell the property.
Robert: Keep working the deal. We call IPO our team of VAs. We used to have three other VAs that did a lot of our manual follow up, texting, calling, comps and all that stuff. When we built IPO, that got rid of all three of those VAs because we essentially automated their jobs.
Larry: That’s huge, man. I love that. I love that. You mentioned a couple of things I want to talk about. The social profiling. That’s great, man. Anytime somebody comes into the system, it goes out and scours the internet like you said for LinkedIn accounts, Facebook accounts, all that and you know a little bit more about who you’re dealing with. Are they a realtor, are they an attorney, are they a doctor, you know, or they are just a newbie looking to get involved in real estate, you know, or whatever. That’s really, really strong. I love that, man. I remember when you showed that to me a while back. I am like, man, that blew me away. That was awesome. They’re just the automated follow up with everything because so many people don’t really realize it if they’re starting out in real estate, man, the fortune is in the follow up, right?
Robert: A hundred percent.
Larry: Yes. The fortune is in the follow up because you’re not going to get every deal off of your first phone call or first contact with this person. Like you said, it might be a year down the road or two or three years down the road before they say hey I’m done. I give up. I can’t do it anymore. You win. You can have it. Right?
Robert: Right. Yes. That’s about what happens and if you forgot about them which most people do or if you have a manual process in there. Even if you’re creating yourself a task to remind yourself to call them or text them, people forget to do their job, people get sick, people lose their job and they’re lost and some other system in the vortex as we’ll call it, right? So we’ve truly automated that. Now it’s not a blasting system. It is a one off true automation. It’s not waiting for you to click a button to tell it to do it. It’s programmed. It just does it. It does it whether it’s a contact or a lead, it changes the conversation so we truly built what we call a real human interaction system and it’s the secrets behind the system is the way that it interacts like a human. We have literally people I do demos for and we use their information to put them in the system, and they respond back two weeks later to an automated message because I never shut it off. They were like, who is this? I don’t remember contacting you to sell a property. Hey that just speaks volumes of our automation, right? The whole goal of it is to get the prospect to engage. You know that I put you in and I told you you’re going to be followed in two weeks and now you forgot and you got a pop up and you responded to it. It just works.
Larry: The most important thing is as a business owner, we can forget about the prospect but they’re getting touched every single so often, whatever if it’s weekly, or monthly or whatever, right?
Robert: Yes. It’s modified by your business so if you like it weekly, daily, or monthly or every few months, it’s programmable and it will be customized to you and your personality type as we say. It’s great. We call it as IPO as people laugh at like, who is your team of VAs? IPO is our team of VAs because IPO never gets sick. IPO never forgets to do what he’s supposed to do. He just does it. So that’s our team of VAs. It’s nonstop working around the clock for us.
Larry: That’s awesome. It’s an assistant who never sleeps.
Robert: That’s it. That’s it.
Larry: Or never complains or misses a day.
Robert: Never. It’s the best employee I’ve ever had.
Larry: That’s awesome, man. I love it. I love it. So Robert, this is really cool stuff. This is great. How would somebody reach out to you. You know, about InvestorPO or whatever? You know, how would they do that?
Robert: Yes, the best is you can either go to our website, InvestorPO.com or you can reach me directly at firstname.lastname@example.org.
Larry: That’s cool, man. That’s good. Now, InvestorPO it’s very sophisticated but from what I understand, it also is really, really good if somebody is maybe just getting started but they are going to spend some money on marketing to get started and work their way up to scaling, right?
Robert: Yes, absolutely. So we have from your new guy who’s never done a deal all the way up to guys in 15 to 20 team members, you know, branch to multiple market in the systems, so it’s complex enough that it can scale to that size and built to do that but we’ve simplified it enough that if you’re just brand new, you literally could do what I said. If you’re a brand new person, put this number in your bandit sign you’re about to put out, calls come in, it tells you what to do. We have a ton of new people that of course, you have to have money for marketing. Like you’re not doing market, you really have no purpose having a lead management system, that’s where yellow notepads and whiteboards are going to do you blessing. That’s all you need, right? But as you start to do actual marketing and you have leads coming in, this is going to manage it. We have several people that start with us and have done their first deal with IPO. We have a couple new people that, you know, were doing only a deal a month and now got an extra couple of deals because of auto follow up. They didn’t even know it was turned on. It was just in our Facebook group, they’ve said, hey I just got a deal from a guy who said he got a text message from me. I didn’t know IPO sent text message. I thought I had to set that up. No. Out of the box, it already is programmed to do the auto follow ups. You can modify it, extend it, create it, but he didn’t know and then he came in and said I just got my biggest wholesale deal. I offered the guy back, this is earlier in the year, I think he made an offer in December and the guy wasn’t taking it. He forgot about the lead. By March, the guy got a follow up text message that he replied back to it and reengaged him, got contracted, and sold his biggest wholesale deal yet, from a deal he forgot all about.
Larry: Sweet. Sweet.
Robert: But it’s definitely built for everybody.
Larry: Fortune is in the follow up. That’s for sure. So Robert, what kind of parting words would you have for our viewers and listeners if they’re either just getting started or looking the scale?
Robert: I would say, either/or. If you’re looking scale then you’re already somebody who is taking actions, so keep taking actions. If you’re looking to scale, look for things that are going to save you time and that’s going to be tracking your KPIs. If you’re not, I find a lot of people who don’t for some reason, get that automated. Whether you use IPO or you build it yourself or do something else, make sure that you have automated follow up in place because you are losing deals right now by not having follow up. It should be in multiple ways. It can’t just be a text message or a phone call. It should be multiple touches because different people respond differently, so you want to touch them in every way possible. If you’re new, just start. That’s it. Take action. Do something. Contact people. Tell people you’re doing business. Stop reading. Stop lurking around the internet asking questions. You’re going to learn more about real estate when you start taking action in the business than you ever will from studying anything. I’ve spent 10 years reading every Kiyosaki books there is, every one of his advisers, went to all the courses. I’ve learned more in my first year of real estate trying to do deals than any of that material could have ever taught me.
Larry: Awesome, man.
Robert: So take action.
Larry: Really good words of wisdom. Good words of wisdom. Man, I really appreciate you being on. Thank you so much.
Robert: Thank you Larry for having me. It’s been a pleasure.
Larry: Thanks a lot. Appreciate it.
Robert: Alright, have a great day.
Larry: You too.