Should i switch from direct mail to contact by phone number?

Question

Hi BP,

I'm coming closer and closer to my next wholesale deal i can taste it. I have attained one appointment from a seller through direct mail which ill be hopefully acquiring afterwards but until that time comes I've been wondering why not call homes directly. Might it be too selfish of myself at a time like preforclosure to call and consult a homeowner about purchasing their home to save them from foreclosure?

Thanks in advance for your time.

Michael Quarles · Answer

Hi, my name is __________with I Buy Houses…  We are looking for 3 and 4 bedroom homes in your neighborhood…And I was wondering…who do you know that is looking to move out of your area? (No one)  Fantastic!

Thank you for taking the time to think about it..  By the way

• Have      you thought about selling? (Never)      Terrific!

• If you      were to sell…where would you go next?       (Back to LA)  That’s Exciting!

• And      when would that be?  (3 months)       Fantastic!

If they do not want to sell say thank you and hang up

or

If they want to sell

• Are      you planning on selling this house? (Yes) That’s exciting!

• Do      you have your next home picked out already? (You do) Ouch!

• What do you think it will      take to get the houses sold? (The right offer) Really!

• I      buy houses… just like yours… all of the time, and I have found that if the      seller is willing… we can come up with a solution that works best for both      of us, is that okay with you?  (Yes)      outstanding
• The following three statements you may want to leave out.

• Sometimes the      only way we can buy the houses we look at is to take over the debt and pay      you your equity.

• Sometimes      even buy the house under a lease option… Is that a problem?  ?      Yes ? No

• So if we can      pay you your equity, guarantee and make your payments and be responsible      for all repairs you will sell the home to us, right?  ?      Yes ? No

• What time      today would be better for me to come out and buy your house ___________ or      ______________? (___) Terrific

• Before I come      out… there are just a few more questions… I need to ask about your house,      is that okay? (It is) outstanding

• Is the home ? Vacant or ? Occupied? Occupant Name?

• _____ Bedrooms  ______ Baths

• How many      Square Feet? ________________

• Size of the      Garage? ____________________

• How did you      happen to own the home?

• What Kind of      repairs does it need?

• ? Carpet  ? Paint ?      Roof ? Cabinets ? Electrical ? Plumbing ? Plaster ? Sheet Rock

? Cooler  ? Heater ? Air Conditioner  ?Window ? Landscaping ? Clean-up ? ______

• What do you      think the repair cost will be?____________

• What are you      asking for the house? __________________

• Is that ? Fixed–Up or  ?      ‘As Is’

• How did you      come up with that Price?

• How soon      would you like to be sold? ____Days       _________Date

• Is there a      Mortgage on the house?  ? Yes ?  No

• What is/are      the balance?  1st ________ 2nd      ________3rd________

• Are you in      Foreclosure?  ? Yes ?      No  ?      Notice of Default or  ? Trustee Sale...Sale Date _______      Arrearage Amount __________

• One last      thing…. When I come out… it is important…that all of the decision makers      be there…. so I can come to an agreement to buy your house… Will all of      the decision makers be there for the appointment? (If all of them are not      there don’t go)

• Well, ____________ I look forward in      meeting you at __________…

Michael Quarles · Answer

Cold calling is absolutely outstanding. when you do Call try and call between 9 AM to 11 AM and 3 PM to 5 PM Monday through Friday    And make it a requirement.

I wouldn't call and disclose to the prospect that I am aware of their foreclosure. I would call using a generic cold call script something like my name is Michael Quarles with I buy houses, we're  looking for three and four bedroom homes in your neighborhood and I was wondering who do you know that's planning on moving.   Then go from that conversation.  if you need a script let me know I have one generic and I also have a foreclosure script.

Jerry K. · Answer

@Michael V. -  @Chris K. is right, you will get different answers - from both sides.  On homeowner side, you'll get people are are stressed and may be in the denial stage that they could lose their home.  Others will be past that and they are looking to unload it.  There will be all kinds of reasons for being the predicament they are in - lost job, death of spouse, bad health, other reasons.

On the investor side - many people don't like to make calls.  These are not easy to make.  The majority of the time you are going to be viewed as "uninvited" and a person who is "picking" on the homeowner.  The owners who have finally given up will be more open - but they will be in the minority.  You have to develop some serious phone marketing skills.  But what a great way to get a deal done quickly when you hit it right.

I had an uncle who did the mail route back before computers.  He would start with a letter offering his help.  He expected it to be tossed.  Then he sent a "newsletter style" piece every two weeks with stories of how he helped others and the situations they were in.  He gave a short story of how the people got into the situation, and was able to use quotes for the people he bought from that showed how he helped.  Those stories reached these people on a regular schedule and built his name (brand).  Eventually a story would connect with the homeowners and when they were ready, the first person they thought of was my uncle.  He landed many more deals this way in the 70's and early 80's than others.  He retired on rentals in the late 1980's just as the computer and internet came about in a big way.

There are many ways to approach - use what you're most comfortable with and add your own twist.

Bruce Wuollet · Answer

Personally, we mail letters, make phone calls and door knock. It's amazing when we have sent a letter to someone with no response followed up with a phone call and leave voicemail and then we knock on the door and we get a deal. Each individual is different. Recently we called and left messages. We mailed a couple of letters. Then we decided to go knock on their door. They were not home so we left a note with a hand-written message to call. They called. We bought the house.

Everyone is different. Some like when you approach them (call or door knock) while others prefer to call you when they are ready. So, I would do any and every approach and not do an either/or as @Shaun Reilly said above.

Pull out all stops. Never give up. Persist.

Now, go flip a house.

Chris K. · Answer

Everyone is going to view it differently. If they aren't interested they'll let you know but you never know until you call. You may call someone and they think you're god-sent cause you can help them out of their situation.

Jay Orlauski · Answer

@Michael Quarles - your enthusiasm is contagious - keep it up - I think you ARE close to your first wholesale deal - just don't give up and keep turning over rocks - you will get to your goal.

Ralph Richardson · Answer

@Michael Quarles Thanks for sharing that script!

Avery Gilmer · Answer

@Michael Quarles Thank you sir.

Shaun Reilly · Answer

It doesn't really have to be an either or type thing.

It is about touches and how many people you can reach.

Once you develop some mail pieces you can hit thousands of people with a few minutes setting up a mail drop with whatever service you use.

Even if you sit down and just call people all day long you can do what maybe 200 or so assuming mostly disconnected numbers, voicemail, hangups and a few fast f**k yous before hanging up?

People that I know that have done pretty much everything say door knocking is the best conversion activity they try.  But then you take that down to maybe a dozen or so you can do in a day (if people are home).

BTW if you do knock on the door and they aren't ready to sell, but don't chase you down the street with a machete,  you should leave them a card and other branded materials and send them follow up mail with the same branding on it.

Should i switch from direct mail to contact by phone number?

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