Are you curious about how to handle calls from potential sellers after sending out postcards? This blog post will walk you through the essential steps, providing real-life examples and actionable tips to help you build confidence and close more deals.
In this blog, we will break down a recent episode of the DealMachine Real Estate Investing Podcast including a call from a motivated seller, providing invaluable insights for anyone looking to succeed in wholesale real estate. Let's dive into the conversation and explore the key aspects to help you in your real estate journey.
Understanding Real Estate Wholesaling
For those new to the concept, real estate wholesaleing it involves identifying motivated sellers with distressed properties, negotiating a contract to purchase the property, and then assigning that contract to an investor for a fee. This allows sellers to quickly offload their properties without the hassle of traditional selling, while investors gain access to valuable opportunities they might otherwise miss.
The Importance of Initial Contact
When a seller responds to your postcard, the initial call is your first opportunity to establish a positive relationship and set the stage for a potential deal. Ryan emphasizes that confidence and preparation are key:
"We're gonna walk you through a call that has come in from one of my postcards... and we are going to analyze that call, hoping to give you some confidence when the calls start coming in for you." - Ryan Haywood
Call Strategy and Key Talking Points
1. Gathering Information with Precision
Start by confirming the property details and the seller’s intent. It’s vital to understand whether they are genuinely interested in selling, or just exploring options:
- Property details: "You said that it’s a friend of yours' property... Do you have any information about the house in terms of how long they’ve owned it or just general condition?"
- Seller’s intent: "Are they interested in selling in the near future, or is this for something that’s further down the line?"
2. Explaining Your Process Clearly
Clearly communicate your process to prevent misunderstandings and to ensure the seller knows what to expect. Ryan stresses the importance of setting expectations:
"We're gonna walk you through, we're gonna look at the house, we're gonna put a scope of work together... If we agree on the price point, we're going to get it under contract, and get it to the title company."
3. Scheduling an Appointment Promptly
Securing an appointment should be a priority early in the call:
- Offer specific times to prevent delays: "How about tomorrow at 10:00 a.m.?"
Taking control of the scheduling process ensures you stay efficient and move the conversation forward.
Qualifying Leads Efficiently
David noted the necessity of qualifying leads to avoid wasting time on uncommitted sellers. The example call from the episode demonstrated this effectively:
- Verifying seller’s seriousness: "Are you interested in selling the property, or just kind of fishing for an offer?"
Addressing Common Questions and Concerns
Legal Process: Sellers often worry about the legality and security of real estate transactions. Address these concerns upfront:
"We will coordinate the transaction from beginning to end, so it would close at a title company. Everything is legal and official, with all the proper title work."
Scope of Work: Explain that you’ll assess the property in detail during the walk-through:
Details matter: "We will be looking at square footage, everything that needs to be fixed, so that we can put an elaborate scope of work together."
Building Trust and Rapport
Maintaining control of the conversation while being transparent about your process helps in building trust with the seller. Ryan highlights:
"It saves you from having to take that call of a disgruntled person... Instead of leaving them in the clouds, you’re telling them at the very beginning of the process."
Also, be sure to listen to the needs and desires of the lead. Don't try to force a deal to happen in a situation that is not what the seller wants or would be the best fit for them. Ultimately, if your goal is to help the seller and you come at finding deals from a place of understanding it is better. Not only will you be able to generate financial freedom for yourself, but you will feel good about the work you are doing.
Conclusion
Proactively managing initial seller calls sets the foundation for successful wholesale transactions. By gathering accurate information, clearly explaining your process, scheduling appointments promptly, and qualifying leads efficiently, you create a smooth path forward for both you and the seller.
For anyone eager to leave their job and dive into real estate wholesaling, Ryan and David's insights provide a roadmap to confidence and efficiency. As they reiterate, understanding and refining your calling strategy can significantly enhance your chances of closing more deals efficiently.
