One method of finding private lenders is to create a 60-second elevator speech to use for networking with everyone you know including friends, family, and business associates. A well-written and rehearsed elevator speech is an effective means of spreading the word that you are looking for private lenders.
So how do you create an elevator speech and what are some of the important elements you should include?
Prepare for a Brief Encounter
Elevator speeches are called “elevator speeches” because they are designed for brief encounters that you have in elevators. Keep in mind that they are not just for elevators! The idea is to prepare a speech for a brief encounter anywhere such as in the car, the coffee shop, the supermarket or bank line, and anywhere lese you are likely to have a brief encounter.
You have to craft your elevator speech in a way that makes a lasting impression and showcases what you do in a brief amount of time. In other words, get to the point of what you do, what you are working to accomplish, and how it will benefit the private lender.
Important Elements to Include:
Benefits to Your Potential Clients: People do not want to be bored by your endless list of accomplishments, so get to the point with how your services will benefit the other person in the conversation. In other words do not say “Hello, my name is Mike Smith, I am a real estate investor with a Master’s Degree and over 15 years of corporate experience. No one really cares about those details.
Instead, say “Hello my name is Mike Smith and I help people by providing housing for the disadvantaged.” This shows the listener that you are interested in offering something significant. Perhaps add something like “I partner with other investors to accomplish these goals.”
Deliverables: Create specific notes on the services you provide such as housing for the disadvantaged or perhaps you provide properties that contribute to urban renewal. Whatever services you provide you need to think in terms of how your services will benefit others and gain the interest of the listener.
Return on Investment: Add something in your elevator speech about return on investment. Most people these days are not seeing very good returns on their 401k or savings. Ask them if they would like to see a much better return and emphasize higher return on investment if they invest in your real estate deal.
Seminars and Appointments: Once you have their attention by showing what’s in it for them, casually invite the listener to one of your investment seminars or encourage them to establish an appointment with you to learn more about your real estate venture and how it will benefit them.
Write It Down and Practice
Finally, write down your speech and practice it in front of the mirror. Remember to keep it concise and to the point and above all, practice good charisma. People will most likely remember someone that shows charisma and don’t forget about body language.
If you look like you lack confidence you can forget about your private lender investing with you, so be aware of your body gestures and movements when you are delivering your elevator speech.
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