How To Onboard Acquisition Managers? 🧑💻| Wholesaling Real Estate
May 18, 2022
Okay. So, What's up, guys? Graylan Stewart here with another work Wednesday. Today I am onboarding a new employee. This is technically my operation manager's job, but she is out with pneumonia. So, I'm the man today. Anyways, I'm just going to let this roll kind of as I'm working because I got to get on a zoom with this dude right now. So, I'm getting the documents prepared because we've got like. We've got five documents that people have to sign which multiple pages for documents when they get on board. So, we're just going to go through that together. But I've got to start this meeting. Hopefully I'll be home soon. But in the meantime, I gotta to keep on losing this a little bit. No. He is waiting. What's up? Can you hear me? Yes. Well, good morning. How are you? I'm good. How are you? Fine, thank you. Yeah, no problem. Do you have a video? No, I don't have a video card. How you doing? All right. Well, let's see. I'm turning mine off too, then, so we can be on the same playing field. How about that? All right, all right, all right. So, there's these documents that I'm going to send you. I'm still preparing it to send it via DocuSign. Okay, but, yeah, as I said, Bridget's out with pneumonia. We knew she was getting sick, but I guess it's worse than we thought she was. She gets well soon. I even sent her an email wishing her some recovery.
Oh, nice. Yeah. She. She was working through it, but I guess it was worse. She went to the emergency room, like, early in the morning, so. Anyways, yeah, we'll move forward. But I'm, I'm preparing this document to send. So, there's different, there's actually five different documents in this DocuSign. It's really just everything, you know what I mean? From and once I send it, you can look through it all as you initial and sign and all that stuff. But basically, it's going to give you a checklist of all the duties, confidentiality, technology, stuff, you know, workplace, all that kind of stuff. But most of it, the first document is really just the duties and kind of the benefits of working with us. And then the second document may scroll down here for a second. I guess I could just share my screen. That would be helpful. Probably. I'll just do that. Let me move this down here and. I feel a bit more sense as I go through this. Get ready. So, you can see this now, right? This dark side in here. Yes. Okay, cool. So, this first one, I'll scroll back up so you can kind of see it. Of course, you can go through all this once I email it. It's just the employee duties and obligations, basically. Right. All right. This is our company. This is our parent company name. But doing business as this.
Right. And then I'm just adding all the signature spots, but I'll scroll through and kind of show you what the different ones are. It's pretty basic stuff. Every employee signs all this stuff. But yeah, we're excited to have you on board, hoping, hoping everything can go well for you and for us during this process, obviously. So just adding these signatures and stuff as we're talking through this. Right. Really? I'm really excited, too, because. Well, at least now I have I have enough space to do the best that I could really do, because working with other investors I'll be multitasking is I told Richard yesterday I used to run the dialer, send out texts by Michael Rail to do the follow up. So, I really have a control appointment filter the results on our prospect all at the same time. Wow. Yes. You're like a one man show. Almost seems like. Well, I can't. On top of that, I was handling seven campaigns, so I never I never I never complained about I never complained about, you know, working hard and all that. But I just I just I just wanted I just wanted some appreciation and return, which I've never gotten back. Yeah. Well, you'll see that in our company, we segment all the different positions so that you can get at one thing and focus on the one thing. It just makes it easier for everyone, you know, to master that one thing, you know, in your case, acquisitions, right.
So we found that that's a lot easier. And then this is the position agreement and we can go through this a little bit. But I'm just putting all these signatures on here for now, initials or whatever. But it's all pretty basic stuff. It's just. We have everyone signed this. So everybody is on the same page, you know what I mean? All right. On further the documents Brigitte sent me yesterday. And actually, I was really happy reading it because I pretty much do it the same way you guys do it. Yeah, nice. That's good. And some things, you know, probably are a little bit different because over time, you know, we're always improving the crime and just improving our systems and processes and things like that. But I'm bet that the work ethics and the strategy of how to handle a call. Oh, yeah. Gotcha. Yes. I didn't know for sure what she said she was actually. Well, that's good that we don't need to date there. Sorry, I'm trying to talk to you and concentrate on doing this at the same time. Sorry. So how long do you have today? Well, I mean, I'm joining you guys full time. Are you ready to get started? Yes. Cool. Today's date here. Yeah. A lot of times we'll just go ahead and send this out, but sometimes we just do it live.
So, if you have any questions, you know we're here to answer. But after we get through all of this, we'll go through we'll start you on our SOPs. And that way you can kind of get familiar with everything and how we do it and our system and everything else. Let's see here. Whoops. This is the room. It's a process with all these things. Where's the delete button? Here we go. But you have. I'm sorry to interrupt. Go ahead. I was just going to say, do you have any questions or anything? Well, I'm getting through all this. As far as four for four for the contract. No, I don't I don't have any I don't have any question. I'm satisfied. And I would I'll just put it this way. I trust you guys. That's all. That's good. That's got to go both ways. So, I'm glad to hear that. So, I just wanted to ask if I'm going to be using DocuSign for sending out contracts. So, you will use DocuSign, but our DocuSign is much more simple. You don't have to go through all this stuff that I'm doing because this is manual, because we're on board often. Right. But we send contracts almost every day. Right. So, we have DocuSign built into our Podio system. It's just a click of a button. Great, great. And once you send a contract out and confirmed that it's been signed, then your job as acquisition manager is done.
You just move on to the next one and try to get more, because then at that point we have our transaction coordinator that will go through the whole process of dealing with the paperwork and the title companies and all that. Then we have our disposition manager that obviously markets the property to sell it and that kind of thing. And then you're just sitting back and waiting for it to close and then you get your bonus or whatever, you know. And yeah, in the meantime, you're just dealing with more acquisitions. Following up with your leads and trying to get more contracts. So that's why you can just focus on that one thing. Makes it a lot easier. Yes. Watch this name again here. It's a lot of little planks to put in. In. I'll just say, if you don't mind me asking. I just wanted to know. I know that a wholesale price would be favorable to you guys. But how flexible are you when it comes to when it comes to ask him or sell on prices? Like, I need to know. I need to know the criteria, the exact criteria. Criteria. What are we? What are we buying exactly? And yeah, the price range, like what will be the maximum allowable. Yeah. That varies on each property to be honest. But yeah, all of that is covered in the soaps though. So, you'll learn exactly what we do, how we do it.
But you know how to count properties already, correct? Right. Yeah. So, you know, we don't even bother doing that initially when we first are talking to a prospect or a seller, we're not really you know, initially we're just gathering information, right. Trying to even see if they really have interest gain in their motivation. You know, the four pillars, right? We're trying to get motivation, the condition of the property, hopefully get a price out of them and also the timeline in which they want to sell. So, once we get those things, then we know that they're more motivated. Right. But until we get those things, we don't really bother with comping the property because we don't want to waste a lot of time on leads that are interested. So, once we get those things, then we know they're interested. That's when we move on to actually comp in the property. But in the meantime, we do have a formula already built into Podio that gives you an offer range. Okay. So that way if they if they give you a price, let's say the RV is 100,000 and they give you a price of 95,000 that they want, then you know, that's not going to work for us. But at the same time, as you unfold their motivation and, and their timeline is soon, meaning they've got to sell quickly for whatever reason. Then, you know, 95 is just maybe a number that they're thrown out there hoping for the best.
Right. And probably knowing that they won't get that. But I get the picture. Yeah, but that offer range gives you an idea if we're even in the same ballpark. So, if they say 95 and our offer ranges 50 to 60, for example, then, you know, they're way off and we've got to do some work to get them into our range. Once they're within our ballpark, then that's when you can do the actual comps and things like that. So basically, we're looking at we're looking at 65% after deducting the closing fees and the repairs. So, the way we did initially and this is different depending on where we're at because we are nationwide, we focus on Oklahoma City, but we do deals everywhere. But for the most part, we do 75% of RV, right, minus the repairs, minus our fee. And we always want to factor in like a minimum of 10,000. But honestly, our average last year was 20,000. Our average so far this year is about 17 or so, but we just say put in 10,000 as a worst case scenario. And that would be your max offer, right? Obviously, we want to get it lower than that. But okay. So, to answer your question, it's 75% minus repairs, -10,000 is the max we can pay, which typically comes into around probably in that ballpark. 60, 65 depends on the repairs, you know what I mean? So.
Sure, to get to the properties in moving condition and at least no repairs at all. Is there is there is there a range, let's say if the RV is 100,000 and then we're asking 75 or 80, will that will that do? Potentially it depends on the property and where it's at, you know, because some areas there might be hedge funds buying in those areas. So, we can pay a little bit more potentially and then some maybe not. And also, when you say moving ready, you know, that's. Typically, never true. You know what I mean? I've never seen a house. We've been ready. I've built my own personal house. I've built a house four times. And even those. Yeah, they were moving ready. But even those had repairs right away, you know what I mean? So, we always say even the ones that say they're moving ready, we typically still account for like a minimum of five, five grand, 5 to 10 grand. I think this is what Bridgett said, the acquisition specialist training manual, probably. Yes, yeah. Okay. So, you probably already saw this. I'm just putting whoops, I got the wrong one and I got to switch back. Just putting all initials and stuff on all this stuff. But yeah, this is what you saw. So, yeah, there's our core values. Obviously, you saw that already and then kind of the org chart and there's actually it's a little different now, but she actually sent you a separate org chart, didn't she? Yeah.
She said she sent me the. Yeah, she sent me this one. The exact one I'm looking at right now. Yes. And I went through it all. There's another one, too. I guess she didn't send that one. No, there was. Yeah, there was a there was another one and introduction. Okay, cool. Yeah. I mean, you're basically you report to Bridget, so do most of the training and things like that, obviously, while she's out stepping in. But for the most part, most of your communication is with her and the other acquisition manager. So, we have a Slack channel that we try to use to communicate with each other. So, there's the acquisition one so that all of you can be on there together in case you're okay. Cool. But yeah, we try to work together. If you have issues and you're having trouble with the lead, you can ask someone to help you with it and vice versa. You know, some people mess with different personalities and things like that, so we all just try to work together to help each other. Well, to be honest, the only the only time I'll use Slack is when it was an emergency. Like I needed. I needed a quick response about a part of me that that is unclear to me. Yeah. And that's the only that, that was the only reason I'll use Slack.
Other than that, I was able to handle everything nice. So, this is already. So I'm sending it to you right now. You can just kind of look through that stuff and sign it. In the meantime, I'm going to. Well, yeah, I was going to say you're talking about like if you have questions on leads and things like that. So, all of that stuff is in our SOPs. Our system is pretty sophisticated. I'll pull it up right now to kind of show you, but everything you need is in our system. So, anything going on with a lead document, we need to take notes like crazy, right? We just want to have everything documented. So, I kind of have a saying Podio or didn't happen. Meaning if it's not in Podio and you're telling me these things, I don't necessarily think it happened if it's not documented. Does that make sense? Yeah. Yes. So, this is our activity page. It just kind of gives an overview who's logged in or not or whatever. So, I'll invite you to this later once you get all the docs signed. But it shows you the leads, current leads for the week, for the month. It's just got a bunch of just details that you can scroll down and look, but they're really the main thing you want to pay attention to on this page is like tasks like overdue tasks and important tasks for the day, because obviously we definitely want to use tasks for everything that we do so that you know what's happening with your leads and things like that, right? So, then we have the seller leads app, we've got a review app.
That's what I was trying to talking about. Like if you had a question on a particular lead, we have a review app, you can just click the review button and that goes to the review app, but it notifies me and Brigitte. So, whoever is available to kind of look that over. So, let me just show you a lead. For example, like here is one right here. Have you used Podio before just for messaging, to be honest. Okay. So Podio, let me just go back. So, Seller Leads is our main app that acquisition managers use right now. We've got different queues over here. As you can see, we've got our valid, valid interested in our new leads. So, this is our hot leads queue basically. Right? So, when you click on that, that's what shows over here, 73 leads out of the 5000 whatever some and then we've got our new pass off leads. So, these are leads from our follow up specialist that they pass them off to acquisitions, meaning these are older leads that they reignite and that become interested again. So, they pass them off to acquisitions to close them and then we have our uncontacted leads.
So, you always want to pay attention to this as well because this is basically leads that are assigned to specific reps, specific people that have replied to you via text or phone call. Right? So, you always want to pay attention to that. To make sure that you're always at zero is the goal. So, at the end of every day, obviously they need to be at zero and sometimes people call or text after hours. So that's why there's usually numbers, right? Then we've got our short term leads. These are just leads that aren't necessarily hot, but you're still working them pretty hard, but you're just nurturing the leads, right? They might close and who knows? A couple of months or a few months, but the hot leads are kind of our goal is it's going to be a deal within the next 30 to 45 days or so. Otherwise we just kind of nurture it. Right. And then aside from that, there is our long term nurture, which is what our follow up specialist is accounted. That's what their job is to follow up with those. So, if a lead says, Yeah, I'm not really ready for six months or they say, I'm not interested, we don't ever get rid of that lead. We just put it in the long term nurture if it's going to be a while or they're not interested, right? Because somehow, they got into our system because we only have qualified leads that come into our system in most cases.
Right? But you can see this hot leads. Q Just an overview. This is what it all looks like. It tells you the seller name, the acquisition manager, the lead status, the lead source. So, Facebook paid radio code, calling SEO TV. So, you can kind of see the different lead sources. And then the last manual update means the last time it was worked. So these are just all new, brand new, pretty much new leads over here. And then it's got your notes over here. So, if you ever just looking at your own leads, you can hover over it and it'll show all the notes, but you can also set up views. This is what we definitely recommend. You can have private views. So, let's just say in this hot queue you wanted to find your own leads and just to see yours only you know. Or if you wanted to see all of your leads, you could do that by setting up views with filters and options, which in the SOPs this is going, going over in there too. So, you'll be able to figure that out. I won't go through that now. But back to just the lead again, obviously it's got their basic information. If it doesn't come across with a name, obviously when you get their name, just put it here. We'll delete that and put their actual name. I mean, for now I'll just get known on that one because we don't know.
But then the seller email, now we can call directly from Podio, so I'll send you an email to actually give you directions, instructions on how to get this Chrome extension for smartphone. As you can see, it's up here. And once you're logged into that, you can choose what phone number to use. Like right now it's on the regular acquisition phone number. You will have your own assigned number, but all calls will come in through that acquisition number. But you can reply normal with a phone call through the acquisition, or you can call from your own personal cell phone acquisitions. It all comes in the same spot as the point, and you can literally just click the call it. It'll call that customer, right? You can also click this in the text. It'll pull up a text message you can send, or there's a way you can text over here by doing all caps, SMS, colon, and then you can just type and that will send a text as well to the to the client or the seller. That makes sense and don't get overwhelmed. I'm just giving you an overview because all this is specifically going over in the space, so that'll help you out. Cool. Okay. About the phone number, which is basically a VIP number. I don't I don't think I don't think I'll be needing one personally.
So, I can I can just use the acquisition number to receive calls as well to get in bulk calls. Yeah. But will also give you your own phone number too, because some people I like most of the reps, they'll use their own number through acquisitions after they're talking for a little while or it's a number you can give to the seller like, Hey, this is my personal line, you can call me back on, you know. So that way when they call back, it's only ringing to you when the acquisition number rings to everybody. I see. Okay. So, does it have to be or does it have to be on my cell phone or no system all through the all through the computer? Okay, great. Great. Yeah, great. Okay, so this shows you your lead status and call status. Obviously, our goal is to make everything contacted and we consider a lead contacted if they call or if you attempt a call or text, not necessarily spoke to someone, but you attempted the call or text. Then we consider that as contacted and then lead statuses. So, we've got valid, valid, interested. Do not call closed loss dead short term nurture long term nurture cow and do so valid is kind of a holding place for us. That means the lead came in. We don't really know if they're interested yet or if we need to nurture it or maybe they're calling just to cuss us out.
If they're calling Texas out or threatened to sue us for something, obviously we're clicking. Do not call. That's the only time we use that if they're threatening us or really rude. Not even just rude, but you know, irate. Right. So, we very rarely use the do not call. That's the only situations if they're threatening to sue us or they say, don't ever call me again or I'm going to call the cops or my attorney or whatever. But typically, we're using valid, valid, interested short term nurture, long term nurture. Those are the main for like holding places, but valid again is temporary. We want to move it out of that as soon as possible. It's usually only in that because we haven't really gotten a hold of the seller, but once we get a hold of them, we'll know if they're motivated or not, if we need to nurture it or if it's going to be an interested lead. Right now, you know, in the rare case that we close it out, if you do click on Closed Less Dead, there's got to be a reason for it. So, these are the reasons to duplicate lead or it's just the wrong phone number. They don't own any properties. Maybe like for example, if we sent them an RV, you know, our VMs are our VM. I'm familiar with it. I just forgot. No, it's fine. It's the ring voicemail. So that's the that's the.
Sometimes we send those out and it just bypasses the ringer and drops on their voicemail. So, every once in a while, you know, we actually have two options for them. They can press one to be connected to a live agent or they can press two to be removed from our list. Sometimes I press one just to cut this out, you know, or they might press one to say, I don't even own a property. So that's when you would say closed listed and doesn't own any properties. Right. But another reason is sold to another investor cannot legally sell. You know, maybe they're trying to sell it, but they don't even own the house. That happens a lot. Not a lot, but it happens. Maybe they already sold it through a realtor. So, our information might have been older, you know? Or maybe it's a situation where we're not interested or it's too far away from a major metro because we do have a system that we use, call it investor lift to where we can look up these properties like some of these little small towns we can get smoking deals on. But if we can't sell it, what good is it? It's just wasting our time, right? Same example. If we have 100,000 RV and somebody is willing to sell the house for 20,000, but there's not even a buyer within 15 miles, it's kind of pointless. What's the point of getting that property if we can't sell it? Know what I mean? So I, I sold a couple of property properties in Chattanooga and, and actually another portfolio of got where in somewhere in Texas through investor.
And I reached out to, to other investors in those areas. Yeah. And our investor list is even more sophisticated because we're actually on the cartel level, which is the highest level, and they only allow the top investors in the United States to be on that level. So, ours is even more robust than the one that you've probably used. So that's cool. You're familiar with it though, but we always check investor lift just to make sure that there's even a buyer in the area. Obviously, if it's in the major metros where we always buy, there is not to look, but the small towns are where we do that. But another closed listed reason is they're not a seller, it's just a test, or maybe it's spam or they're trolling us or whatever the case. Right? The dead lead either way. And then there's the people that it's just cash buyers that somehow get into our acquisition space. You know, sometimes cash buyers call us from our TV ads or from our radio ads or from our direct mail, you know what I mean? Or wholesalers or contractors or somebody just looking to rent. If that's the case, we still close that out because we're not an acquisition lead, but they are still a lead.