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 Kathy Kennebrook hears most often from students when she is at real estate investment 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 doing the same thing? 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. In our current market with so many properties to choose from, you need to make yourself and your property stand out from all the others.
Kathy Kennebrook 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. Kathy Kennebrook knows this from first hand experience. There have been instances where she has been at a property with several investors and Kathy Kennebrook ended up putting the property under contract simply because she had her Credibility Kit handy to show the seller so they knew she could close the deal. Kathy Kennebrook has even had sellers take a moment to call her real estate attorney or title agent to make sure she really was who she said she was and that she could really close on the contract before they signed it. What a powerful tool! Kathy Kennebrook has even been at properties with other investors and ended up buying the property because she had her Credibility Kit with her.
To find out even more about building a Credibility Kit and why you need one, be sure to read next week’s article. In the meantime, for more information on locating buyers and sellers for your real estate investing business, visit Kathy Kennebrook’s website at marketingmagiclady.com.