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; 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 easier, 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 that you’re ready anytime you speak with a seller or buyer!
So, you’ve received a phone call from your marketing; AWESOME! You know you need to call them back, but you’re nervous; what will you say?
You don’t want to blow the call, 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 on your side. It also helps when it’s time to negotiate a sales price.
Just this little gesture can start to show them you care. (p.s. You should honestly care how they’re doing and truly listen 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 these days, but getting them to tell you about the property can uncover what they think is important. 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 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 to ask many questions, let them reply, and then ask more.
Tip 3 - Ask them why their selling
Again, asking questions and letting them answer is so important 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 important 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!!
Bonus Tip - Download a call recorder
It’s tough to write or type or fill in a worksheet while you’re trying to ask the seller 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!
The Biggest Secret to Speaking with Cash Buyers... Be Yourself!
Maybe it’s the fear of having an investor think they’re inexperienced, but I find that many new wholesalers try to embellish their experience, or they over-promise the number of wholesale properties they can bring the investor.
Don’t do this! Instead, build a relationship on honesty and trust right from the beginning.
Believe it or not, almost everyone in real estate started exactly where you are today, and they felt the same things you are feeling.
I’ve spent a lifetime in sales, and I’ll tell you a couple of things you should know about meeting a potential customer; the first thing is it’s better to underpromise and over-deliver.
Tip 1 - Don’t Brag
Nothing will make you look more foolish than bragging about finding dozens of below-market houses a month and then only sending one.
Be upfront and tell them you’re pretty new to the business, but you’re working hard to find deals, and when you do get something under contract, you’d love to send it their way (They’ll appreciate this approach much better)
Tip 2 - Respect Their Time
Real Estate Investors (especially the big ones) are typically very busy people who, on a daily basis, are juggling staff, tenants, and contractors while they’re also dealing with title companies, realtors, and one thousand other things, so when you get a chance to meet with them respect their time. (they’ll appreciate it)
Whether you’re on the phone or sitting down with them in person, take a minute or two and introduce yourself, build a little rapport, and then get to it.
Ask them to tell you what their ideal investment property looks like, and then give them all the time they want to respond. If they don’t mention something that’s specifically on your cash buyer questionnaire, ask them when they’re done speaking.
When you get all the information you need, thank them for their time and be on your way.
Some people are just naturally nice and would let you sit there all day and chit-chat, but I was taught very early in my sales career that it’s always best to wrap things up and leave before they have to ask you to go.
Tip 3 - Send Them Only What They Buy
If you meet with an investor and he tells you he only buys three-bedroom brick ranches on the north side of town, don’t send him multi-families on the south side of town.
The reason for this is you want them to get conditioned that every time you send them an email on a property, it will be exactly what they’re looking for, so they’ll respond quickly.
I’ll say it again and just be yourself! I’ve built some fantastic relationships with investors in my area by using these methods, so trust me, it works.
Before you know it, not only will you be selling them properties, but you might build strong friendships with some of them.