Very First Wholesale Call. Yikes!

[Christa Shook]

I have been reading, listening, writing every piece of information that I can find on wholesaling. I have been researching homes, I have numbers and names. All I have to do is pick up the phone and call. I just have no idea what to say!

I was wondering if some of you could tell me about your first phone calls and maybe give some advice.

[Roger Stewart]

Hello Christa, my name is Roger...I am a newbie with a list and a few sources too. I have yet to close on a deal but when I got overwhelmed with info, gathering and drafting scripts, drafting other documents, collecting leads, running comps, doing property analysis, researching properties from multiple lists and bandits signs, I said to myself 'if I don't call someone now I will never get to closing', I had to take my first step towards a deal. The goal of the call is to gauge the sellers motivation and to get them to a point where you can get them to a low purchase price without you making an offer over the phone. You need to see the house so you can do a repair estimate.

I had been learning the basics for quite some time and recently decided to get my feet wet and just do it. The more calls I made the easier it got. I found that no matter how much researching I did, comps I ran, prepared I thought I needed to be or how many scripts I came up with, I will very rarely get through those scripts. For me they became a guide and nothing more. The calls I made started taking their own path, til finally I realized that all I need to do is introduce myself, tell them what made me call and let them know I was interested in buying their house followed by asking them any variation of 2 questions...#1 are you interesting in selling? If no, then I'd apologize for calling and ask them to keep my number just in case they decided to sell in the future. If yes, #2 would you mind explaining your situation? From there the conversation will be off the cuff and you will have to listen to gather the info you need, ask questions about the house, make comments, become an associate of theirs on a regular info gathering/sharing phone call. For the most part, if they talk about the house chances are it will be hard to negotiate a reasonable price, not the motivation you are looking for. If they poor their heart out about what they are going through then you have your motivated seller, the question will be, how motivated are they? Once you have determined their motivation you can begin working on getting them to lower the asking price close to or below what your MAO is. If they are motivated enough and they come down close to your MAO ask to meet with them at the property so you can estimate the repairs. For my first few I didn't even care if it was close to my MAO or not I just needed the experience and to get a feel for doing it. I would just make an offer I knew they wouldn't accept and kept it moving.

My advice to you is to go over whatever script you have prior to calling, try to remember the general information you need before calling. Pick up the phone and make the call. Yes you will fumble on your first few, but it will get easier once you understand the goal and add a little personal commonality to it. Practice with properties you aren't even interested in.