Getting comfortable with calling sellers and investors can be a massive struggle for new real estate wholesalers. They’re afraid people will think they’re a newbie or don’t know what they’re talking about, or maybe the person they’re calling will yell FRAUD into the phone and hang up...
I can promise you 99% of that is all in your head, and 1 % is justified because some people you call will naturally be jerks, so when you encounter these people, you need to learn how to laugh it off and move on. After you start making some calls, it will start getting more natural, and eventually, it will be second nature, and you won’t need a script anymore.
Below is everything you need to start calling sellers, cash buyers, and anything else I come up with that might be handy. Take time to study the information, download the PDFs, and make some copies to keep with you, so anytime you speak with a seller or buyer, you’re ready!
So, you’ve received a phone call from your marketing; AWESOME! You know you need to call them back, but you’re nervous; what are you going to say?
You don’t want to blow the call, so you start dialing their number, and your heart starts beating faster, your mouth is going dry… OH GOD, HELP!
Okay, maybe it’s not that bad for everyone, but making calls to a seller can be intimidating for many people (nerve-racking for others), so let’s talk about how to make that call, what information to get, and how to keep calm under pressure. (Honestly, calling sellers will be a piece of cake in no time, and it will become second nature after you’ve done it enough times.)
Okay, let’s get started with a few essential tips.
Tip #1 - Start building rapport & trust right from the start.
Start the call by introducing yourself and asking how their day is going, and try to engage in a minute of chit-chat before you jump into asking questions about the house. This is more important than you think…
People do business with people they like, and if you're up against another buyer in this transaction, you'll want to have a rapport. (It also helps when it's time to negotiate a sales price) So just this little gesture can start to show them you care. (p.s. It would be best if you honestly cared how they're doing and truly listened to their response)
Tip #2 - Ask them to tell you about the house.
I can find out pretty much anything about a house with just an address, but getting them to tell you about the property can uncover what they think is essential. If they start by telling you what a mess it is or that it needs work, that's a great sign.
On the flip side, if they tell you how they just remodeled the place top to bottom and how it's better than all the neighbors' houses, you'll know it's probably not a motivated seller. The bottom line is asking a lot of questions; let them reply and then ask more.
Tip #3 - Ask them why their selling.
Again, asking questions and letting them answer is so crucial in this business, so ask and let them speak. If you get them comfortable with you and encourage them to talk long enough, they'll tell you everything you want to know…
Why are you selling the house?
How quickly would you like to sell?
What price did you have in mind?
How did you establish that number?
Is that price flexible?
This part of the call is crucial because you're looking for their motivation. If the seller opens up and gives you their motivating reason, question them further about it.
Seller: "I want to sell because I was renting the property and just got rid of an awful tenant."
You: "Wow, that sounds terrible; how long did it take to evict them? Did they tear the place up?"
Seller: "It took us three months to get them out, and it was a nightmare."
You: "Well, I can certainly understand why you're motivated to sell; you're not the first person I've talked with that's experienced nightmare tenants like that… let's see if we can get you out of this mess."
Having them tell you about the pain will help build that rapport and trust between you and them and give you an advantage when you get to the negotiation. Bottom line, empathize with them, and be the person that can solve their problem!
Tip #4 - It's either a deal or it's not.
Wholesalers buy houses at below-market value from motivated sellers; that's what we do! If the home is fully remodeled and they want a full-price offer, It's Not A Deal! If they're not motivated to sell at a wholesale price… It's not a deal!
If they play games, won't meet you at the house or give you the runaround… It's not a deal!
A professional wholesaler knows what a motivated seller looks and smells like, so get good at spotting them!! Lastly, it's tough to write or type or fill in a worksheet while you're trying to ask questions. So to ensure you listen and engage in a good conversation with the seller, I highly recommend downloading a call recorder on your phone.
Use the script as a reference during your conversation, but don't fill it out during the call. When you're done talking, hang up and replay the call while you fill out your worksheet.
Follow these instructions, and you'll master speaking to and identifying motivated sellers in no time!
Important Note: After you speak to the seller, look up the property online and determine this to be a potential wholesale deal, call the seller back, and set an appointment to do a property walk-through.