Why do you need a Credibility Kit for your Real Estate Investing business? In fact, what exactly is a Credibility Kit? This is the question I hear most often from students when I am at real estate investing events.
Think about this for a second. Have you ever had a contractor come out to do a bid for you on some work you wanted done, say new cabinets, or siding on your house or new windows? Do you remember seeing the book they brought with them that showed the photos of jobs they had completed, testimonial letters from satisfied customers and copies of their licensing and insurance? That was their Credibility Kit. Why then as a Real Estate Investor are you not creating this amazing tool for your real estate investing business? This is definitely a tool you will need for your real estate investing business and it’s so easy to create one if you follow a few simple steps.
Your personal Credibility Kit will not only build credibility and integrity for you with your sellers and lenders, it will give you a serious edge over your competition. Almost none of your competitors know about this incredible tool that makes you look like a true professional in your Real Estate Investing business, whether you are working with sellers or buyers of properties.
I mentioned above about contractors using a book like this to show you samples of the work they have done before. They do this because they want your business and up to that point you don’t know anything about them or the quality of their work. They also want you to choose them over their competitor. Your Credibility Kit serves the same purpose in your Real Estate Investing business.
Your Credibility Kit should show photos of properties you have bought and sold, letters from sellers you have bought properties from, copies of paid off notes and mortgages, before and after photos of properties you have rehabbed and letters from your "dream team", including your title agent, real estate attorney, the Realtor you work with, your insurance agent, your pest control person, a home inspector, and your surveyor.
It should also contain personal reference letters from friends and business acquaintances, such as your boss if you are still working, your banker, your CPA, your pastor or priest or any service organization you are part of. It can also include copies of any ads you run as well as your business card. It should also have a section explaining to your seller or buyer why they should want to work with you. These are all good ways for your sellers and buyers to see the kind of real estate professional you are.
Make sure you also include letters from your mortgage broker and your private or hard money lenders. These can really help you cement a deal when a seller has a question as to whether or not you, as a real estate investor, can close the deal. I know this from first hand experience. There have been instances where I have been at a property with several investors and I ended up putting the property under contract simply because I had my Credibility Kit handy to show the seller so they knew I could close the deal. I have even had sellers take a moment to call my real estate attorney or title agent and my private lenders to make sure I really was who I said I was and that I could really close on the contract before they signed it. What a powerful tool! I have even been at properties with other investors and ended up buying the property because I had my Credibility Kit with me along with contracts and the other tools I needed to close the deal.
To find out even more about building a Credibility Kit and why you need one for your real estate investing business, visit my website at www.marketingmagiclady.com. Check out next month’s issue for more information on building your personal Credibility Kit.