If you read our article on How to be Fearless when Calling Motivated Sellers, here’s another concern most real estate investors and wholesalers have: how do you reengage the seller? How do you get them talking to you again, after that initial conversation?
What do you do if a lead says, “I want to think about it”, or, “Let me get back to you”, and then you don’t hear from them for several days, maybe weeks?
Rather than risk losing a lead, there are things you can say and do that first time you talk with them to encourage a call back. Here are some guidelines to help you nail your initial call with motivated sellers, so that you’ll hear back from them and close the deal.
Tips for Talking with Motivated Sellers
You want to engage property owners in a conversation that is both memorable and helpful. Chances are, the high quality leads GoForClose sends you are compelled to sell due to specific motivation reasons, sometimes factors you cannot directly mention, like foreclosure or bankruptcy, but if you do the following, you should come across as the ideal buyer.
Be Personable and Friendly
First things first: would you sell to someone who was disconnected and all business? Probably not. You’d want someone who is professional but pleasant, an expert but also friendly. Such a person is warm and approachable, someone a seller can talk to without being nervous of a scam.
You want to leave a good impression of you and your business:
- Listen more than you talk
- Ask the right questions
- Learn their goals
Those three simple tactics lessen the sense of vulnerability the seller feels and leave them with the impression they are understood and cared for. If possible, try to connect with them on a personal level. Being good at building rapport is essential for real estate investing success.
Be Honest and Truthful
If the seller asks a question, give them an honest answer. Simple as that. A property owner does not want the runaround or an impression that you are being evasive. They want a buyer who’s going to tell them how it is, but nicely.
A motivated home seller might be facing foreclosure, bankruptcy, or divorce, relocating or going through probate. Whatever their reason for selling, they want a buyer who is going to alleviate the situation and who might even know what they’re going through and can help them along.
Create a Scenario Where You Both Win
Sellers win when you offer them the best discounted price and relieve them of the distressed factor associated with their properties. You win when you buy these properties at discount.
Convince the motivated seller that you can solve their problem at the best price possible. Give them a sense of relief and make them feel lucky to have found you and to get your offer versus waiting for a traditional buyer.
Offer a Price Range
One thing a lot of sellers do not understand is why investors offer a lower price. They often think their property is worth more, or maybe they need more money (e.g., bankruptcy, default loan, or delinquent taxes). Always have a price range for your property type, be it a single family or multifamily house, or a rental property, or commercial property.
You can provide motivated sellers with a Spreadsheet of Costs to Repair, so you can better explain why your offer is low, because you’ll pay out of pocket for repairs, make improvements, and bring the property up to code with real estate market standards.
If the seller is adamant about price over speed and convenience to sell, then you may not be the ideal buyer. In this case, it is best to end on a positive note by referring them to your real estate agent partner.
Offer Buyer Incentives
Everyone likes a deal with perks. Motivated sellers are no exception.
As a real estate investor, you are aware of the costs of selling a property. Most homeowners are not in the know and often surprised to learn they have to spend money to sell their house. You can improve upon the idea that you’re an ideal buyer by “sweetening the deal”.
Mention to seller leads if you’re willing to cover closing costs and additional sale fees. Explain to them that, as a cash buyer, there’s no waiting for loan approval, and you’re ready to close as soon as they need you to. Moreover, you do not require an appraisal or home inspection, and if you’re able, offer them a virtual sale to add that convenience.
Give the Seller Space and Time to Think, but Promise to Call
At the end of your call, leave the seller your contact info and make yourself available to answer questions, but also say you will reach out again in a few days.
They need space and time to think over your offer – no one likes a salesperson who hovers. You should send them a follow-up email after your phone conversation, with high-level bullet points about what was discussed, creating the opportunity to discuss it further.
Make yourself available. You can even send a calendar link to the seller, but let them know that you’ll call them back in a number of days to answer any questions, and hopefully they’ll be ready by then to negotiate.
Many opportunities and deals are lost for lack of open communication and adequate follow-up. It is rare that after you speak with the lead the first time, the homeowner is ready to receive an “at-discount” offer, which is why you need the following:
- The skill to build rapport within minutes;
- Learn to identify and present value beyond price;
- Master the art of negotiation; and
- Always follow-up, and know when to automate or delegate, or when you need to do it all yourself.
GoFoClose Finds Motivated Seller Leads
Finding real estate leads may be more difficult than actually talking to them. What do you think? Many investors say as much when they discuss their marketing needs with us at GoForClose, and that’s why so many hire us.
We find motivated sellers, qualify them and warm them up to have a conversation with you before passing them on to you, saving you time for closings. But how do we find them?
Data and Advanced Multichannel Campaigns
Build the List
Using our internal database, with over 150 million properties, we pull multiple lists a week. We source unique data lists, only available through GoForClose, from dozens of different data providers, going beyond public records, and look at expired listings, code violations, water shutoffs, and other data sets. Machine learning then assesses leads who need to sell quickly and are most likely to sell to an investor.
It’s not about quantity but about quality. We generate lead numbers fast, but we also skip trace names, phone numbers, and the property address for accuracy. We then build a motivated sellers list, which we can share with you, or you can have us market to seller leads for you.
Market to Leads
Getting in touch with highly motivated sellers is time sensitive. You’re not the only investor looking for opportunities in your local market. We use several marketing efforts for lead generation and to nurture leads to be ready to be sent to you.
We employ inbound and outbound marketing tactics, including cold calling, text messaging (SMS), ringless voicemail (RVM), and email, as well as PPC (aka google ads). Direct mail marketing is not dead, but our methods are faster and yield quicker results.
Real Estate Investors, Find Hot Markets Today
If you prefer, you can also provide us with the data. Of course, the quality of the data you give us highly impacts the results. This starts by choosing the right market.
You want to operate in an area where owners need (not want) to sell fast, and you can flip houses quickly. In a hot market, you can find motivated seller leads who are more likely to sell to an investor, so talking to them comes easier.
Real estate investing can be a lucrative practice if you know where to find your target audience. The right market is a distressed area, where cash buyers are buying and investors are flipping. We’ve created the Hottest Zip Code Finder, a free online tool that pulls from multiple data sources to show you where to buy houses, down to the targeted neighborhood.
Once you know where to find motivated sellers leads, GoForClose can market to them, so you can focus on closing more deals.
Ready to Talk to Sellers?
Your most valuable commodity in real estate investing is time. Finding motivated seller leads and marketing to them takes a lot of time and effort, and maybe you’d prefer to focus on closing deals. We can help you do that.
At GoForClose, we help you stay competitive, regardless of the market landscape. If your market is still available, we can find you qualifying leads, market to them, and then provide a warm transfer to you or your sales team when leads are ready to sell.
If you have questions or are curious to know more, request a free consultation below.