What's next after the calls start coming in?

Question

Since the bank REO inventory seems to be drying up, I’m ramping up my private seller marketing once again (yellow letters, etc.)

I’ve gotten the letters, mailing system & schedule down—now that they’ve gone out, I sit back & wait for the calls to roll in, lol.

Here’s always been my problem, though: Once I get calls, I never seem to know what to do with them—the right questions to ask, how to structure the deals, etc.I feel like there’s so much more I can be doing with leads but once I get them I’m not sure exactly what.

What is your “formula” for asking the right questions, sussing out their situation, determining if they’re motivated & if it’s a good enough deal to actually visit, the right solution, etc?

Vonetta Booker · Answer

Thanks! I actually just finished turning that blog post that @Jerry Puckett posted into a Word doc that I printed & am going to keep with me.

I'm also going to get into the habit of answering more calls directly (instead of letting them go to VM because I'm nervous about talking to callers, lol).  There are a lot of "We Buy Houses" signs in my area & just as many letters going out, probably--but since callers tend to go down a list of numbers they see/get, maybe I can stand out from the rest (and get a jump on leads) if I actually answer the phone right away!

Jerry Puckett · Answer

Hi @Vonetta Booker ,

If I had moreZAQ!1qazttp://www.biggerpockets.com/blogs/1378/blog_posts/28030-youve-done-your-marketing-the-phone-is-ringingnow-whattime to write I would politely disagree with Ms. @Hattie Dizmond . I think using a script is an excellent practice at first. Helps keep you focussed, drives out the jitters, and allows you to gauge yourself and progress.

Once you've had the same conversation 100 times you'll know what they're going to say before they say it and be ready with just the right reply. At that point is where the true rapport begins: you're confident, you know your stuff, and you solve the problem.

Maybe check out this BP Blog spot:  http://www.biggerpockets.com/blogs/1378/blog_posts/28030-youve-done-your-marketing-the-phone-is-ringingnow-what

Andrew Syrios · Answer

Carry a sheet with you, I would even laminate it, with every question you want to know. That way you don't have to try to remember everything while having a conversation. You can just go down the checklist; How many beds, baths, sq. ft? What is the condition? Are you behind on your mortgage? If so, what do you owe? What would you be willing to sell your property for? Would you consider owner financing? Etc.

Some of those questions are of course contingent on the answers to others, but you will be able to recognize that as you go down the list. And sooner or later, that list will be burned in your memory and you can discard the checklist. Or not if it continues to help.

Be kind and professional and try to build rapport. If it looks good, then go look at the property and if still looks good, make an offer. If the lead doesn't fit your criteria on the phone, politely tell them that and move on to the next one.

Best of luck!

Hattie Dizmond · Answer

WHEN you start getting calls.  They will come, and you will get deals, because I can tell you genuinely want to help people in desperate situations!

Vonetta Booker · Answer

Thanks for the replies, guys!  @Hattie Dizmond, thanks for the podcast info; I'm going to check that out shortly.  @Jerry Puckett, that blog was just what I needed (see, this is why I LOVE BP, lol)!  And thanks @Marcus Isaac --I'll inbox you.

I don't mind a script--IMO it's all about making it sound NOT script-y, which I'm pretty good at.  I have no problems creating rapport with callers because I tend to be a people person--but I just have to hone the skill of knowing HOW to help callers along with that.

Going to study that blog script & brush up so that I'm ready if/when I do start getting calls!

Jerry Puckett · Answer

I hate posting from my phone....always mess up the links.

Hattie Dizmond · Answer

That's ok.  @Jerry Puckett can disagree with me any time he wants.   :-)  He does it so nicely!

Actually, Jerry makes a really good point about the script keeping you focused.  I think it's partially a personality thing and partially just a matter of what kind of communicator you are.  Whatever works for you is what you should do.

Hattie Dizmond · Answer

I'm not a fan of the "script" approach myself.  First, if you haven't already, listen to podcast #31 with Lamar Cannon.  He talks about not going into a discussion with the seller asking a ton of questions about the property.  His approach is to build a relationship with the seller, understand their problems and needs, and then work to meet those needs.

From the business side, I think the best thing you can do is to be an expert in the area/market you are targeting.  By doing that, you can know, before even talking to the seller, what the ARV should be - within just a few thousand $'s.  There's a lot you're not going to know, until you see the property.  If you can get the seller to tell you what they think the property is worth, then you know how big the hurdle is you have to climb, once you meet with them.

Podcast #77 with Mike Quarles has great information about negotiating, after you get the meeting.

Marcus Isaac · Answer

@Vonetta Booker   I usually structure calls in this order:

• Condition/Size
• Why do they want to sell
• Is there anything owed
• What they want for it
• Set Apppointment if interesting or Pass if not

One of the most important things is how you ask though. It's really easy to offend people that are actually dealing with a situation. I could email you my script if you want.