People ask, “How do you convince people to take a low offer on a property?” We don’t. It’s either a cash deal opportunity or a listing.
– Lance Doty
The “Hidden Door” Deal w/ Adam Mitchell & Lance Doty
Adam and Lance are two of the best in the business. Their dedication to transparency, service, and providing sellers with options has allowed them to create a profitable and scalable business.
Today we are going Behind the Deal to learn how Lance and Adam were able to increase a home’s square footage, help a homeowner through a difficult time, and walk away with $80k.
Read the Full Show Notes Below…
Adam and Lance are operating a lead generation business. They have found great success in real estate because they always offer transparent service and refuse to box sellers into one type of solution.
Their focus on inbound leads and hybrid solutions has allowed them to maintain a 1 in 10 close-ratio, with their numbers getting better each year.
Here’s a look at one of their latest deals which resulted in a great profit, a happy seller, and a mysterious room behind a hidden door.
The Deal
Adam and Lance rely on inbound leads to run their business. Facebook ads and SEO are 80% of their business. Their form is set up to provide them with all of the information they need when going into a call.
They know going into this deal exactly what the homeowner was dealing with and what they wanted to get for the home.
Their initial offer was low and after running the numbers they were able to get closer to what the seller wanted. After purchasing the property for $185k, they were able to sell the property for $370.
After their renovation costs, holding costs, and selling costs, they were still able to walk away with a profit of $80k.
The “Hidden Door” & Lessons in Square Footage
After buying the property, they discovered a 12×14 bonus room that was located off of the garage. Because there was no direct access to the house, it was not included in the square footage of the property.
Adam and Lance were able to add a door through the existing laundry room and into this bonus room, thus adding more square footage to the property. While they contemplated turning it into a full-blown mother-in-law suite, the returns just weren’t there.
Being Approachable
One of the most innovative things Adam and Lance incorporate into their marketing is the use of video texts. After Lance meets with a seller or talks with them on the phone, he will send a short video text telling them more about the business and thanking them for their time.
This quick video helps people get to know him while making the business stand out from the rest. It personalizes the experience, which is an effective marketing tactic in any industry.
Winning with the Hybrid model
Listing homes is not what Adam wants to do. However, The Home Buying Guys are dedicated to finding the selling solution that will best benefit the client. By bringing an agent onto their team, they are able to funnel the retail leads and split the commission 50/50.
Fewer leads are wasted and more homeowners are being served. By offering multiple options, Lance and Adam are able to have a greater impact on more people.
Tips That Actually Work: Adding a Bio Block
We are all about transparency and credibility and a great way to convey that is on your About Us page.
The seller needs to know who they are working with. A great feature of your Carrot site is the bio block where prospective buyers and sellers can learn more about you. Add some photos of who you are and what you’re all about.
For Adam and Lance, this means having their faces all over their site, letting people know that they are just two good dudes, doing good work.
Learn more about how to use a bio block here.